Major indexes finished lower, dragged down by chip stocks, while oil prices surged after the U.S. revoked Iran's license to sell its crude.
The tech-focused Nasdaq Composite, benchmark S&P 500, and blue-chip Dow Jones Industrial Average closed Tuesday down a respective 1.2%, 0.5%, and 0.3%. The Dow had set a new record high in morning trading before reversing course.
Yesterday, major stock indexes started the week higher behind AI-tied shares like Western Digital (WDC), Advanced Micro Devices (AMD), and Qualcomm (QCOM), with the Dow setting intraday and closing records above 53000. However, memory and chip stocks fell Tuesday after Samsung shares dropped 7% in South Korean trading despite strong quarterly results. Intel (INTC), Sandisk (SNDK), Western Digital, AMD, and Marvell Technology (MRVL) closed down between 6.5% and 10%.
Most of the Magnificent Seven mega-cap tech stocks were in the green Tuesday, although Tesla (TSLA) declined 4% after leading the septet with a nearly 7% rise yesterday. Shares of ***** e Exploration Technologies (SPCX), or ***** eX, fell about 7% as the Elon Musk-led company made its Nasdaq 100 debut.
Oil prices jumped as the Treasury Department revoked the waiver that allows Iran to sell its oil, which followed reports that the Islamic Revolutionary Guard Corps had fired upon vessels near the Strait of Hormuz. West Texas Intermediate futures, the U.S. benchmark, were up 4.9% to $71.90 per barrel at 4 p.m. ET, while global benchmark Brent crude futures were 5.1% higher at $75.70 per barrel.
The tech-focused Nasdaq Composite, benchmark S&P 500, and blue-chip Dow Jones Industrial Average closed Tuesday down a respective 1.2%, 0.5%, and 0.3%. The Dow had set a new record high in morning trading before reversing course.
Yesterday, major stock indexes started the week higher behind AI-tied shares like Western Digital (WDC), Advanced Micro Devices (AMD), and Qualcomm (QCOM), with the Dow setting intraday and closing records above 53000. However, memory and chip stocks fell Tuesday after Samsung shares dropped 7% in South Korean trading despite strong quarterly results. Intel (INTC), Sandisk (SNDK), Western Digital, AMD, and Marvell Technology (MRVL) closed down between 6.5% and 10%.
Most of the Magnificent Seven mega-cap tech stocks were in the green Tuesday, although Tesla (TSLA) declined 4% after leading the septet with a nearly 7% rise yesterday. Shares of ***** e Exploration Technologies (SPCX), or ***** eX, fell about 7% as the Elon Musk-led company made its Nasdaq 100 debut.
Oil prices jumped as the Treasury Department revoked the waiver that allows Iran to sell its oil, which followed reports that the Islamic Revolutionary Guard Corps had fired upon vessels near the Strait of Hormuz. West Texas Intermediate futures, the U.S. benchmark, were up 4.9% to $71.90 per barrel at 4 p.m. ET, while global benchmark Brent crude futures were 5.1% higher at $75.70 per barrel.
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