Mumbai, July 17 -- Drops for computer chipmakers and other winners of the artificial-intelligence boom dragged down stock markets worldwide on Thursday.

The S&P 500 fell 0.5% even though more stocks rose within the index than fell. The Dow Jones Industrial Average dipped 105 points (0.2%) and the Nasdaq composite sank 1.5%.

Higher interest rates also slow the economy and hurt prices for all kinds of investments and worries are rising that the Federal Reserve and other central banks around the world may have to raise rates to rein in the effects of expensive oil. Oil prices are near their highest in a month because of worries that the war with Iran will keep oil tankers out of the Strait of Hormuz and prevent shipments of crude from the ...