Nasdaq falls 3% as chip stocks sell off, Iran deal hopes fade
Key takeaways
- Nasdaq falls 3% as chip stocks sell off, Iran deal hopes fade Quartz · Bloomberg / Getty Images Cris Tolomia Wed, June 10, 2026 at 12:15 AM GMT+7 2 min read CL=F ^DJI ^GSPC ^IXIC U.S.
- The Dow Jones Industrial Average shed roughly 354 points, or 0.7%.
- West Texas Intermediate crude futures fell more than 5% to trade below $90 a barrel.
Nasdaq falls 3% as chip stocks sell off, Iran deal hopes fade Quartz · Bloomberg / Getty Images Cris Tolomia Wed, June 10, 2026 at 12:15 AM GMT+7 2 min read CL=F ^DJI ^GSPC ^IXIC U.S. stocks fell sharply on Tuesday, with the Nasdaq Composite dropping 3% and the S&P 500 losing 1.7%, as a one-day rebound in chip stocks reversed course and optimism over a possible U.S.-Iran deal gave way to fresh uncertainty, according to CNBC.
The Dow Jones Industrial Average shed roughly 354 points, or 0.7%. Markets had opened higher as oil prices retreated and President Donald Trump told reporters on Monday that the two sides were "very close to having a good strong powerful deal" that could reopen the Strait of Hormuz, according to The Wall Street Journal. Trump later said Tuesday that the U.S. "must respond" to Iran, contributing to the reversal in stocks.
West Texas Intermediate crude futures fell more than 5% to trade below $90 a barrel. U.S. Energy Secretary Chris Wright said Strait of Hormuz ship traffic is "rising very meaningfully."