Tech Sell-off on AI Spending, Brent Crude Hits $100, & Strong US Jobless Claims

1. U.S. initial jobless claims dropped significantly to 187,000, the lowest since September 2022, indicating a robust labor market.
2. Shares of major tech companies including Alphabet, Amazon, Microsoft, and Meta declined sharply due to concerns that high AI spending is leading to increased cash burn.
3. Brent crude futures rose to $100 a barrel, a level not seen since May 26, driven by persistent shipping disruptions in the Middle East.