Finance

Semiconductor stocks suffered another tough session, putting notable downward pressure on the tech-heavy Nasdaq. Concerns regarding aggressive competition from Chinese memory manufacturers led to sharp declines in industry heavyweights like Micron. The selloff followed a sharp contraction in Asian tech markets, amplifying worries over the global artificial intelligence trade.

The unofficial start of the corporate earnings season brought mixed reports from America's largest financial institutions. While banking giants like JPMorgan Chase, Goldman Sachs, Wells Fargo, and Citi posted higher profits, their stock prices finished lower as internal metrics, including a drop in investment banking fees, disappointed investors. Despite underlying industry health, the results failed to provide a lift to the broader market indices.

International crude oil prices declined, with Brent futures dipping roughly 1% to around $105.60 per barrel and West Texas Intermediate dropping to near $92.80 per barrel. The retreat followed a temporary relaxation of U.S. sanctions on Russian fuel alongside expectations of additional diesel supplies entering global markets. However, prices continue to carry a significant risk premium due to ongoing geopolitical instability and threats to energy infrastructure in the Middle East.