Finance

The Nasdaq composite fell 0.7% as investors pulled back from high-flying artificial intelligence and chip stocks. Major industry players including Intel, Micron Technology, and Qualcomm experienced significant declines following a period of record-setting gains earlier in the year.

The yield on the benchmark 10-year Treasury note reached 4.46% as the bond market reacted to persistent inflationary pressures and geopolitical instability. Meanwhile, the 30-year bond yield reclaimed the 5% level, reflecting investor concerns over sustained high interest rates and increased government borrowing needs.

Crude oil prices surged over 4% to surpass the $100 per barrel mark due to escalating tensions in the Middle East and stalled diplomatic negotiations. Market participants are increasingly concerned that the conflict could lead to further supply disruptions through critical shipping routes like the Strait of Hormuz.