Finance

High-flying tech names tied to the artificial intelligence boom suffered a severe pullback as spiking bond yields threatened future capital expenditures for data centers. Major semiconductor firms including Nvidia, Broadcom, and Advanced Micro Devices posted steep declines, pushing the PHLX Semiconductor Index down 4.3%. Highly leveraged infrastructure and software players such as CoreWeave and Oracle also plummeted amidst the broader sector retreat.

Financial sector equities faced notable downward momentum, highlighted by a sharp drop in Bank of America shares. The lender reported third-quarter revenue and net income that fell short of consensus analyst expectations. Adding to the negative performance, the institution was hit by a $1.2 billion fine from the U.S. Treasury Department regarding anti-money laundering and sanctions violations.

Crude oil futures traded lower as market participants analyzed the shifting geopolitical landscape alongside the International Energy Agency's latest monthly assessment. Despite heightened anxieties surrounding shipping security near the Strait of Hormuz and continuous regional conflict risks, West Texas Intermediate crude fell toward $94 a barrel. The retreat came as the market balanced active supply threats against ongoing structural constraints in international diesel markets.