The S&P 500 fell 1.21% to 7,663.43 on Thursday, snapping a three-session winning streak and suffering its worst daily decline since July as renewed concerns about AI spending triggered a sharp tech selloff.

December S&P 500 futures traded as high as 7,798.75 and as low as 7,676.75. The session concluded below the day’s midpoint of 7,737.75 at 7,706.00, losing 94.25 handles.

Tech shares led the decline as earnings from Meta Platforms Inc. (NASDAQ: META) and Tesla Inc. (NASDAQ: TSLA) failed to ease concerns about the cost of the AI investment race.

Semiconductor stocks faced particularly heavy selling with Intel Corp. (NASDAQ: INTC), Advanced Micro Devices Inc. (NASDAQ: AMD), Sandisk Corp. (NASDAQ: SNDK) and Marvell Technology Inc. (NASDAQ: MRVL) each falling more than 8%.

On Friday, market participants can look forward to the preliminary October S&P Global manufacturing, services and composite PMI readings at 9:45 a.m. ET, followed by the University of Michigan’s final October consumer sentiment survey and inflation expectations at 10 a.m. ET.

Among the top components of the index, Walmart Inc. (NYSE: WMT) emerged as the biggest gainer. The retail giant advanced by $3.32, or 2.82%, to close at $121.12. That performance was more than 4 percentage points better than the cash index’s decline of 1.21%.

Conversely, the biggest loser was Meta Platforms Inc. (NASDAQ: META). For the day, the social media and technology company declined by $48.67, or 6.98%, to close at $648.85.