Tech Stocks Slide on Meta’s Big AI Spending Plans: Markets Wrap

Wall Street pumped the brakes on a stock rally as Meta Platforms Inc. sank 10% amid plans to take on debt to fund its artificial-intelligence push. Bonds stabilized after a rout driven by a Federal Reserve rate-cut pushback. The dollar rose.

While most shares in the S&P 500 actually climbed, a slide in several megacaps dragged down the gauge, which remains on track for its longest streak of monthly gains in four years. While the US and China agreed to a one-year trade truce, many investors saw the deal as mostly priced in.

Stock rally takes a breather.

Photographer: Michael Nagle/Bloomberg

The latest developments gave some reasons ...