Finance

Computer chip and memory manufacturers faced intensive global selling pressure, which briefly dragged the Nasdaq-100 index into official correction territory. Heavy declines hitting major semiconductor stocks reflected mounting investor skepticism regarding artificial intelligence investments and circular financing arrangements. Although mega-cap technology firms pared some losses by the close, the broader chip sector marked its fourth consecutive day of deep declines.

Strong spring quarterly results from industrial and consumer brands provided a significant boost to market sentiment. Sherwin-Williams witnessed an 8% surge following better-than-expected earnings, while Coca-Cola advanced 5% after beating estimates and upwardly revising its full-year guidance. Analysts noted that these robust figures indicate consumer demand is accelerating despite broader macroeconomic uncertainties.

International and domestic crude benchmarks registered substantial losses following diplomatic discussions regarding security in the Strait of Hormuz. West Texas Intermediate futures fell roughly 4% to settle below $80 per barrel, while Brent crude dropped nearly 5%. This sharp retreat in energy commodities alleviated some fixed-income pressure, driving Treasury yields lower and causing investors to lower their immediate expectations for restrictive central bank actions.