The Nasdaq tumbled sharply on Wednesday, tugging the tech‑heavy index after the Dow and S&P 500 moved lower.
Oil prices spiked after the United States nullified Iran’s licence to sell oil.
Chip stocks declined further, fueling the sell‑off.
Former President Donald Trump stated the cease‑fire was over, which heightened market uncertainty.
Shares of Atkore, Trane Technologies and Kimball Solutions also dropped in the session.
Traders pointed to the oil surge and political statement as the chief drivers of the broad decline.
The market wrapped up with the Nasdaq down several percent.