Finance

Technology and artificial intelligence-linked stocks faced significant pressure, with chipmakers like Intel and Micron Technology seeing sharp declines following their substantial year-to-date rallies. The PHLX Semiconductor Index dropped roughly 3%, marking a notable pause in the industry's recent dominance as investors reassessed valuations amid rising yields.

U.S. Treasury yields climbed on Tuesday, with the benchmark 10-year note reaching 4.462%, its highest level since last summer. Ongoing geopolitical tensions and surging energy costs have pushed the 30-year yield back to the psychologically important 5% mark as bond prices fell.

Energy prices continued to rise as concerns grew over prolonged conflict and potential supply disruptions in the Strait of Hormuz. West Texas Intermediate crude returned to triple-digit pricing, acting as a primary driver for the recent spike in headline inflation and weighing on broader market sentiment.