Nasdaq 100 Enters Correction as Chipmaker Selloff Offsets Oil Slump — US Market Wrap
US stocks came under pressure as another selloff in semiconductor shares overshadowed a sharp decline in oil prices, with hopes for diplomatic progress toward ending the war in Iran providing some support to broader market sentiment. West Texas Intermediate crude settled near $96.50 a barrel, while most S&P 500 companies advanced despite weakness in major technology stocks. The Nasdaq 100 fell 10% from its October peak, entering a technical correction, while a key semiconductor index extended its three-day decline to 12%. Apple weakened ahead of its earnings report, and longer-dated Treasuries outperformed. The decline in energy prices rippled across financial markets ahead of the US midterm elections, as signs of potential progress in negotiations between Washington and Tehran raised hopes for an easing of geopolitical tensions. Iranian President Masoud Pezeshkian indicated that his government had received greater authority from the country's supreme leader to pursue peace negotiations. President Donald Trump also expressed optimism about a potential agreement, linking the drop in oil prices to improving prospects for a deal, while appearing to rule out an immediate resumption of
US stocks came under pressure as another selloff in semiconductor shares overshadowed a sharp decline in oil prices, with hopes for diplomatic progress toward ending the war in Iran providing some support to broader market sentiment. West Texas Intermediate crude settled near $96.50 a barrel, while most S&P 500 companies advanced despite weakness in major technology stocks. The Nasdaq 100 fell 10% from its October peak, entering a technical correction, while a key semiconductor index extended its three-day decline to 12%. Apple weakened ahead of its earnings report, and longer-dated Treasuries outperformed.
The decline in energy prices rippled across financial markets ahead of the US midterm elections, as signs of potential progress in negotiations between Washington and Tehran raised hopes for an easing of geopolitical tensions. Iranian President Masoud Pezeshkian indicated that his government had received greater authority from the country's supreme leader to pursue peace negotiations. President Donald Trump also expressed optimism about a potential agreement, linking the drop in oil prices to improving prospects for a deal, while appearing to rule out an immediate resumption of military strikes following the elections.