Finance

In contrast to the broader market gains, the tech-heavy Nasdaq Composite edged lower as the global rout in semiconductor stocks deepened. Hardware and memory makers faced heavy downward pressure amid escalating fears regarding intense Chinese market competition and the long-term funding dynamics of the artificial intelligence boom. Prominent sector funds, including the iShares Semiconductor ETF, posted sharp single-day losses while the Nasdaq 100 hovered near technical correction territory.

Global oil prices extended their downward slide, settling near multi-week lows on Tuesday. West Texas Intermediate futures decreased by roughly 4% to finish around $79 per barrel, while Brent crude dropped below $85 per barrel. The cooling energy market followed reports that the United States and Iran had paused active conflict and engaged in diplomatic talks regarding shipping security in the Strait of Hormuz.

American consumer confidence unexpectedly waned in July, with the Conference Board's index falling to 90.8 from an upwardly revised 92.2 in June. The survey indicated that households are harboring more pessimistic perspectives on current business conditions and the resilience of the labor market. The softening economic sentiment also coincided with a recent uptick in gasoline prices resulting from geopolitical friction in the Middle East.