Stocks closed mostly lower Thursday as poorly received Magnificent 7 earnings and concerns about AI spending sparked a sell-off across the tech sector. Ahead of next week's Federal Reserve meeting, market participants are also worrying about how rising oil prices will impact inflation and interest rates .

At the close, the tech-heavy Nasdaq Composite was down 2.6% at 26,008 and the broader S&P 500 was 1.2% lower at 7,663, while the blue-chip Dow Jones Industrial Average ticked 0.02% higher to 52,867.

Oil prices climbed after President Donald Trump said late Wednesday that the U.S. is not currently negotiating with Iran to end the war in the Middle East. Front-month West Texas Intermediate crude futures rose 3% to $100.06 per barrel, and are now up nearly 11% month to date.

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