Stock market today: Nasdaq dives over 3%, S&P 500 and Dow tank as AI reckoning grips Wall Street

US stocks plunged in the final trading day of the month as earnings from Amazon (AMZN) and Alphabet (GOOG, GOOGL) this week rekindled concerns about the amount of money Big Tech is spending on its AI ambitions.The Nasdaq Composite (^IXIC) tumbled 3.3% as a tech-fueled sell-off intensified. The Dow Jones Industrial Average (^DJI) fell 1.2%, or over 600 points, while those on the S&P 500 (^GSPC) dropped 2.2%. The Nasdaq is on track for its worst month since March 2025.Stocks fell for the second day in a row after Amazon and Alphabet posted rare earnings misses, renewing concerns about the sustainability of the AI boom. Amazon shares fell 2%, while Alphabet continued to erase market value after its stock suffered its worst day in over 20 years.Intel (INTC) also suffered a brutal reaction to its earnings report, dropping 30% in premarket trading after the company's Q4 outlook came up short.One bright spot in the market was ExxonMobil (XOM) and Chevron (CVX), whose stocks briefly touched record highs after the oil majors reported that their earnings were boosted as refining margins widened amid the war in the Middle East. Pharmaceutical company AstraZeneca (AZN) also reported an earnings beat before the opening bell.While earnings remain in focus, oil prices rebounded higher, putting additional pressure on markets. Brent crude futures (BZ=F) rose to $113 per barrel, while WTI crude (CL=F) reached $104 per barrel.Bitcoin (BTC-USD) prices tumbled more than 5% as crypto assets were rattled following a $6.3 billion hack on cryptocurrency exchange Binance, marking the largest heist of its kind in history.