OpenAI’s Revenue Was Lower Than Previously Reported. Stocks Dropped Dragged by AI Names.

Stocks mostly fell on Thursday, dragged by AI-related names after OpenAI's annualized revenue was lower than previously reported.

The Dow Jones Industrial Average gained 0.10%, but the S&P 500 and the tech-heavy Nasdaq Composite fell 0.47% and 1.25%, respectively.

OpenAI said that its annualized revenue hit $50 billion at the end of September, according to a new report. The figure was lower than the $68 billion reported late last month.

Stocks were already under pressure on Thursday after Federal Reserve Governor Christopher Waller became the latest official to call for more interest rate hikes to tame inflation.

Speaking to a Central Bank of Turkey forum in Istanbul, Waller said that while such decisions "do not need to come at consecutive meanings" following September's hike, they "should be in place in an acceptable period of time."

The remarks took place shortly after the central bank's minutes of the latest meeting were released. They show that officials expect to hike rates again before the year ends.

"Most participants assessed that another increase in the target range for the federal funds rate would likely be appropriate by year end," reads a passage of the document.

However, it does not specify when the officials expect to do so and future decisions will "depend on incoming information and its implications for the outlook and the balance of risks."

Odds that the central bank will hike rates in October's meeting barely changed after the minutes were released. They remained above 80% on Wednesday, according to the CME Group's FedWatch tool. The figure stood at 78% on Thursday.

Oil prices also rose following reports that that the Trump administration is considering relaunching strikes against Iran even before the November midterms.

President Donald Trump and his national security team discussed resuming the campaign against Tehran in the coming weeks, according to NBC News. Axios also detailed that the Pentagon instructed the U.S. Central Command (CENTCOM) to conclude preparations to that end.

The outlet went on to cite sources familiar with the matter, who said that if the campaign resumes it will include large bombings of Iranian energy infrastructure and nuclear targets.

Trump appeared to address the reports hours later, saying in a social media publication that the U.S. "will not be attacking Iran at any time prior to the Midterm Elections." He also claimed Washington was having "productive discussions" with Iran.