Ticker: AI stocks drop, but rest of Wall Street holds steady

The day’s business news at a glance

AI stocks slid worldwide after leaders of the industry warned a slowdown is needed for the safety of humanity. Another climb in oil prices, meanwhile, briefly sent the yield on the 10-year Treasury to 5% on Monday for the first time since 2023.

Despite all the downers, gains for many stocks outside AI helped limit Wall Street's losses. The S&P 500 fell 0.5%. The Dow Jones Industrial Average dipped 0.3%, and the Nasdaq composite lost 0.6%. Brent crude's price settled at $105.68 per barrel after nearing $110 in the morning. The afternoon's retracement for oil prices pull the 10-year yield back to 4.98%.

EPA eliminates plant greenhouse gas limits

The Environmental Protection Agency is repealing rules that limit planet-warming greenhouse gas emissions from power plants fueled by coal and natural gas, an action the agency said would save industry more than $300 billion in costs and help "unleash" American energy.

The EPA also proposed a separate step to prevent future administrations from regulating climate pollution from power plants. Elimination of the power plant rule, first proposed last year, represents a fundamental shift from efforts by Democratic Presidents Joe Biden and Barack Obama to address climate change and clean up industrial pollution. EPA officials said the change would allow utilities to make the best decisions for their ratepayers rather than be forced to close aging or inefficient plants.

Carney pitches Canada to global investors

Canadian Prime Minister Mark Carney is courting some of the world's biggest investors as he tries to reduce Canada's economic dependence on the United States. The move comes during an escalating trade war with U.S. President Donald Trump.

About 300 CEOs and senior executives managing more than $120 trillion in assets are gathering in Toronto for the Canada Investment Summit. Carney is pitching Canada's energy and critical minerals, educated workforce, global trade access and political stability as reasons to invest. While the summit is a large gathering of investment decision-makers, major deals aren't expected to come from it right away.

Costco raises price for Kirkland motor oil

Costco has raised the price of motor oil sold under its exclusive private-label brand as well as limited how much of it customers can buy weekly as oil prices climb yet again.

Americans looking to try to save some money by purchasing motor oil to do their own oil changes may consider this yet another blow to their wallets, as they are already contending with high grocery prices and inflation worries. Costco's Kirkland Signature full-synthetic motor oil 5-quart two pack now costs around $58, well above the approximately $30 it had been selling for just last year. Costco is also only allowing customers to purchase two boxes a week.

Four hospitalized after Miami crane collapsed

Officials say four people were hospitalized after a crane collapsed at a Miami construction site. The collapse occurred shortly after 8 a.m. Monday in the city's upscale Brickell neighborhood. Miami Fire Chief Robert Hevia says he's thankful a call involving a collapsed crane and a burning car had no fatalities.

Officials say a woman had been driving on a street next to the construction site when she saw the crane begin to fall over. She managed to reverse enough to avoid serious injury. The crane operator was able to jump out of the crane, and rescue crews were able to cut two construction workers out of a storage container that had been partially crushed during the collapse.