The selling wave in chip stocks continued, leading to a mixed course in equity markets. Analysts pointed to concerns about the US Federal Reserve's possible interest rate hikes and the return on artificial intelligence spending financed through borrowing by technology giants, which are putting pressure on markets.
Investors awaited the earnings report of Micron Technology, whose shares had plunged the previous day, while the company's shares ended the day slightly lower. Shares of major technology companies such as Nvidia, Apple, Alphabet, Microsoft, Broadcom, and Meta also declined.
Developments in the Middle East were also closely monitored. US President Donald Trump stated in a post on his social media account that the Iranian side had informed them that 'no passage fees are collected from ships passing through the Strait of Hormuz.' US Energy Secretary Chris Wright also said that approximately 72 ships and 20 million barrels of oil had passed through the Strait of Hormuz in the last 24 hours.
With expectations that tanker traffic in the Strait of Hormuz would return to normal, oil prices fell to their lowest level in about four months. The Brent crude oil futures price decreased by 5 percent to $73.16 per barrel as of 4:10 p.m. ET. At the same time, West Texas Intermediate crude oil was trading at $69.90 per barrel.
On the macroeconomic data front, the US current account deficit rose by 2.6 percent in the first quarter of the year to $226.8 billion. New home sales in the country fell by 7.3 percent month-on-month in May, below expectations.
