The Globe and Mail reports in its Friday edition that stocks tumbled and Nasdaq posted its steepest daily drop since early June on Thursday as a batch of high-profile earnings reports ignited fresh fears about the artificial-intelligence spending race. A Reuters dispatch to The Globe says yields on U.S. Treasuries, which move inversely to prices, saw some of their biggest one-day declines in years. The S&P 500 ended deep in negative territory. Nasdaq, dragged down by microchips, suffered a steeper loss, falling 2.6 per cent in the wake of a spate of high-profile AI-related earnings results. The blue-chip Dow eked out a nominal gain minutes before the close. The S&P/TSX Composite Index ended down 351.54 points at 35,973.45. The materials sector, which includes metal mining shares, declined 5.6 per cent to post its lowest closing level since Aug. 4. Gold fell 2.7 per cent and copper was down 2.8 per cent. U.S. crude oil futures settled 2.4 per cent higher at $99.47 (U.S.) a barrel. Still, energy in Toronto lost 1.7 per cent. The interest-rate-sensitive real estate sector added 2.8 per cent, while industrials ended up 2.3 per cent as Waste Connections and Mullen Group eclipsed estimates for quarterly results.