Finance

International benchmark Brent crude oil plunged approximately 4% to settle below $97 a barrel, retreating from its climb past the $100 milestone earlier in the week. The market pressure eased following reports that Pakistan is exploring a pathway to facilitate fresh peace negotiations between the United States and Iran. This pull-back in energy costs alleviated intense investor concerns regarding immediate inflationary risks.

Chipmaker stocks experienced severe downward pressure, highlighted by significant losses across specialized industry funds and memory-chip producers. Intel shares dropped nearly 8% as initial gains from a second-quarter earnings beat dissolved due to investor worries over rising capital expenditure plans. Other sector players, including Sandisk and Micron Technology, similarly logged heavy single-day declines.

The White House implemented its newest Section 301 global tariff framework, establishing duties ranging from 10% to 12.5% on major trading counterparties. Aimed at being more legally resilient than previous iterations, the new duties went into effect as a prior temporary levy expired. To help protect a volatile domestic market, the administration notably exempted certain energy products from the targeted penalties.