Finance

High-flying artificial intelligence and memory chip stocks faced massive downward pressure, dragging the Nasdaq Composite into negative territory. Major chipmakers such as Micron, AMD, and SanDisk suffered steep declines, pushing the Philadelphia Semiconductor Index into a technical bear market amid ongoing circular financing anxieties and rising global competition.

Oil prices continued their descent, reaching multiple-week lows after a pause in active hostilities between the United States and Iran. Comments indicating ongoing diplomatic negotiations helped West Texas Intermediate fall roughly 4% to settle near $79 per barrel, which additionally helped cool Treasury yields in the bond market.

The Federal Open Market Committee commenced its two-day policy meeting, leaving Wall Street intensely divided over the near-term path of monetary policy. Market participants are grappling with heightened economic signals, with current estimates reflecting a baseline expectation for steady rates but pricing in a significant 31% probability of an aggressive interest-rate hike.