Finance

Chipmaker equities faced severe downward pressure, significantly dragging down tech-focused portfolios. The specialized Roundhill Memory ETF tumbled 8.5%, fueled by individual losses from manufacturers such as Sandisk and Micron Technology, which fell 11% and 7% respectively. This movement contributed to a 4.5% drop in the broader iShares Semiconductor ETF, reinforcing recent market anxieties over artificial intelligence capital expenditures.

Energy prices fell sharply after Brent crude briefly breached the $100-a-barrel threshold earlier in the week. The global benchmark settled down 3.9% near $96.78, while West Texas Intermediate declined over 3% to settle at $89.31. The sudden pullback followed reports that Pakistan, with backing from China, is exploring a diplomatic path to revive peace negotiations between the United States and Iran.

The yield on the key 10-year U.S. Treasury note edged slightly lower to close near 4.69% after touching its highest mark of the current presidential term. Government borrowing costs have faced significant upward pressure due to escalating Middle East conflicts and newly enacted tariff packages. The elevated yields continue to push consumer lending rates higher, with average 30-year fixed mortgages climbing to their highest level since last August.