The Nasdaq plummeted sharply on Wednesday, tugging 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 declined further, fueling the sell‑off.
Former President Donald Trump announced the cease‑fire was over, which heightened market uncertainty.
Shares of Atkore, Trane Technologies and Kimball Solutions also slid as the session unfolded.
Traders identified the oil surge and political comment as the principal causes of the wide fall.
The market wrapped up with the Nasdaq down several percent.