Wall Street Plunges on AI Uncertainty, Oil Spikes on Mideast Tensions, Fed in Focus

US equities fell sharply as investor anxiety over AI company valuations and a call by industry leaders to pause AI development triggered a selloff. Concurrently, oil prices hit record highs on Middle East tensions, while the upcoming Federal Reserve meeting adds uncertainty over potential rate hikes. The confluence of tech-led risk-off sentiment, energy supply concerns, and monetary policy ambiguity is pressuring markets.