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