On Tuesday, the U.S. and Iran sent mixed signals regarding negotiations to end the conflict, while global tech stocks were hit hard by AI valuation jitters and profit-taking by investors.
Boosted by safe-haven sentiment, the U.S. Dollar Index rose for the second consecutive trading day, ultimately closing up 0.38% at 101.37, hitting a new high in over a year;The benchmark 10-year U.S. Treasury yield closed at 4.502%, while the 2-year U.S. Treasury yield, which is sensitive to the Fed’s policy rate, closed at 4.207%.
The sell-off in tech stocks triggered by high interest rates spread to precious metals.Spot gold briefly approached the $4,090 mark during the session, falling more than $100 from its high before rebounding slightly; it ultimately closed down 1.97% at $4,109.28 per ounce;Spot silver fell to a three-month low, ultimately closing down 5.48% at $61.53 per ounce.
International crude oil prices continued their downward trend. WTI crude oil fluctuated lower, hitting a low of $73.12 per ounce, and ultimately closed down 1.38% at $73.66 per barrel;Brent crude hit an intraday low not seen since March 2, ultimately closing down 1.38% at $76.62 per barrel.
The three major U.S. stock indices all closed lower: the Dow Jones Industrial Average fell 0.09%, the S&P 500 dropped 1.4%, and the Nasdaq Composite declined 2.2%.SpaceX (SPCX.O) closed up 1%, while the Philadelphia Semiconductor Index plunged 7.8%, with Marvell Technology (MRVL.O) down 9%, Micron Technology (MU.O) down 13%, and NVIDIA (NVDA.O) down 4%.The Nasdaq China Golden Dragon Index fell 0.55%, with Xpeng Motors (XPEV.N) dropping more than 4%.