The stock market fell from its records Friday and joined a worldwide drop for stocks after higher oil prices sent a shiver through the bond market. Stocks that had been caught up in the euphoria around artificial-intelligence technology led the way lower.

The Standard & Poor’s 500 index fell 1.2% from its all-time high set the day before. The Dow Jones industrial average dropped 537 points, or 1.1%, and the Nasdaq composite sank 1.5% from its own record.

Technology stocks tumbled in a sharp turnaround from their meteoric rises for much of the year, which had carried markets worldwide to records but also raised criticism that they had gone too far.

Nvidia, the stock that quickly became the face of the AI revolution, dropped 4.4% and was…