Finance

The Nasdaq Composite retreated nearly 2% as high-flying AI and chip names faced significant selling pressure. Super Micro Computer plunged 28% following the announcement of a $7 billion equity financing package, while industry leaders like Nvidia and Qualcomm saw declines of roughly 4% to 6% during the session.

Brent crude rose above $93 per barrel as regional instability threatened supply routes through the Strait of Hormuz. This surge in energy prices allowed the S&P 500 energy sector to gain 1.5%, providing a rare bright spot as major oil producers like Chevron and Exxon Mobil posted positive returns.

U.S. Treasury yields remained elevated with the 10-year note settling around 4.54% following the latest inflation data. Market expectations for interest rate cuts have shifted significantly, with some analysts now forecasting potential hikes as early as October due to persistent price pressures and a resilient labor market.