Finance

The Nasdaq Composite fell 0.8% to 25,832.67 as major chipmakers experienced significant losses, with the Philadelphia Semiconductor Index dropping over 5%. Heavyweights like Micron Technology and Lam Research saw sharp declines exceeding 5% and 10% respectively, as concerns over elevated AI valuations and oversupply risks triggered a broader tech pullback.

International benchmark Brent crude fell more than 1% to settle below $71 per barrel, marking a return to price levels seen before the conflict between Israel and Iran began. This decline is attributed to breakthroughs in permanent peace deal negotiations and the reopening of the Strait of Hormuz, which eased supply disruption fears that had previously spiked prices.

While tech stocks faced selling pressure, Bitcoin remained relatively resilient, trading near $61,343 as of early July. The digital asset's stability was supported by the soft U.S. employment data, which tempered expectations for further monetary tightening, even as spot ETFs saw net outflows through the end of June.