Finance

The technology sector faced continued pressure as investors shifted capital away from artificial intelligence darlings and semiconductor companies. A heavy rout in memory and chip manufacturers, including Micron and AMD, caused the semiconductor sector to tumble for a fourth consecutive day and briefly dragged the Nasdaq 100 into technical correction territory before it pared some losses.

Defying the broader semiconductor downturn, Apple shares rose nearly 1% to temporarily achieve a market capitalization of $5 trillion for the first time in history. The milestone allowed the iPhone manufacturer to overtake Nvidia to reclaim its position as the most valuable public company globally.

Crude futures fell sharply, with West Texas Intermediate dropping roughly 4% to settle under $80 per barrel following indications of ongoing diplomatic negotiations between the United States and Iran. The significant retreat in energy costs helped alleviate pressure on the bond market, dragging the 10-year Treasury yield down to 4.60%.