Concerns about increased artificial intelligence costs affecting profitability, as highlighted in the financial reports of US technology giants Microsoft and Meta, were in focus. Following these developments, the New York Stock Exchange closed the day lower driven by declines in technology shares. At the close, the Dow Jones index fell by 370 points, a 0.90% drop to 41,763.46 points. The S&P 500 index recorded a 1.86% decrease to 5,705.4 points, while the Nasdaq index slid by 2.81% to 18,085.86 points. Stock markets in the US followed a negative trend. The financial reports released by Microsoft and Meta indicated that the increasing spending expectations in artificial intelligence negatively impacted technology shares. Despite exceeding profit and revenue expectations, Microsoft’s shares dropped by 6.1% due to rising artificial intelligence expenditures and slower growth expectations in cloud services. Meta also faced a 4.1% decline after falling short of user expectations and announcing increased spending on artificial intelligence infrastructure. Alphabet shares dipped by 1.9% following the launch of the new search engine feature dubbed “SearchGPT” in OpenAI’s ChatGPT. The rise in bond yields added pressure on technology shares, with the US 10-year Treasury yield reaching a three-month high at 4.33% before settling at 4.28%. Analysts noted that the market would closely watch the financial reports to be released today by major technology companies like Apple, Amazon, and Intel. On the other hand, crypto exchange Coinbase experienced a 15.3% drop in value after disappointing financial results. Ford Motor declined by 1.7% amid reports that it plans to halt production of the electric pick-up model F-150 Lightning until early next year. In macroeconomic data, personal consumption expenditures in September in the US rose by 0.5% monthly, exceeding expectations. The core personal consumption expenditures price index increased by 0.3% monthly, in line with market expectations, while rising by 2.7% annually, slightly above estimates. The number of initial jobless claims in the week ending October 26 decreased to 216,000, falling below expectations. The resilience of the US labor market and easing inflationary pressures suggested that the Fed may gradually reduce interest rates. Analysts noted that the non-farm payroll data to be released tomorrow would provide further insights into the labor market.