Finance

The chipmaking sector suffered another punishing session as investors grew increasingly wary of whether substantial capital expenditures in artificial intelligence will translate into near-term financial returns. Sentiment was further dented by the unveiling of a competitive open-weight AI model from China's Moonshot AI, compounding losses for major domestic semiconductor firms.

Energy prices jumped significantly after the U.S. military conducted an expanded campaign of consecutive airstrikes against targets in Iran, disrupting regional ports. The escalating geopolitical tensions and subsequent risk of supply disruptions near the Strait of Hormuz drove oil prices higher, adding a layer of macroeconomic uncertainty regarding future inflationary pressures.

The S&P 500 Communication Services sector emerged as one of the weakest areas of the market, dragged down by prominent media giants. Netflix shares fell sharply after the streaming company issued a cautious outlook forecasting slower subscriber growth for the upcoming quarter.