S&P 500 and Nasdaq slide as heavy tech cap-ex and Fed caution weigh

The S&P 500 and Nasdaq Composite declined sharply as investors reacted to large capital-expenditure commitments from ­tech giants including Meta Platforms Inc. and Microsoft Corporation. Meta’s shares plunged over 12 % after announcing higher-than-expected cap-ex for AI infrastructure. Microsoft also fell around 2.3 % after signalling rising spending ahead. The weakness came amid commentary from Federal Reserve Chair Jerome Powell that a December rate cut is far from guaranteed, denting risk sentiment. Market breadth remained weak and leadership narrowed further.