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The tech selloff reached a new level today, with the Nasdaq suffering a 579-point drop for its fourth loss in the last five trading days. Thanks to sharp selloffs from global memory leader SK Hynix and semiconductor supplier Micron Technology (MU), the tech-heavy index is now back below 26,000. The S&P 500 also finished sharply lower, while the Dow inched into the red after spending most of the day marginally higher. As AI valuation concerns resurface, Wall Street's "fear gauge," the Cboe Volatility Index (VIX) rose for the third-straight day and its highest close in nearly two weeks.
Continue reading for more on today's market, including:
There are no corporate earnings to report today.
Oil prices finished quietly lower today, as investors weigh the inflows of crude coming from the Strait of Hormuz amid ongoing U.S.-Iran talks. July-dated West Texas Intermediate (WTI) closed down 65 cents, or 0.9%, to finish at $73.21.
Gold futures logged their third-straight loss, as risk-off sentiment runs rampant. August-dated gold futures lost 1.3%, last seen at $4,149.40/oz.
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