The Nasdaq slumped sharply on Wednesday, dragging down the tech‑heavy index after the Dow and S&P 500 moved lower.
Oil prices spiked after the United States canceled Iran’s licence to sell oil.
Chip stocks fell further, intensifying the sell‑off.
Former President Donald Trump declared the cease‑fire was over, which heightened market uncertainty.
Shares of Atkore, Trane Technologies and Kimball Solutions also slipped as the session unfolded.
Traders blamed the oil surge and political comment as the key factors behind the steep drop.
The market wrapped up with the Nasdaq down several percent.