08.07.202613:37:15UTC+00US Stocks Extend Pullback

US stocks declined on Wednesday as rising energy prices compounded an already less favorable macroeconomic backdrop. The S&P 500 and Nasdaq 100 each slipped about 0.5%, while the Dow fell 1%. Treasury yields moved higher after President Trump effectively scrapped the ceasefire with Iran following strikes by both sides, sending oil prices sharply up and prompting markets to reassess inflation risks.

Investors are now looking to the minutes from the Federal Open Market Committee’s June meeting, due shortly, for clearer signals on the Federal Reserve’s readiness to raise interest rates.

Credit-sensitive sectors weakened, with shares of JPMorgan and Visa down 2%. Semiconductor stocks extended their slide amid concerns that hyperscalers may be forced to slow spending on AI infrastructure. Sentiment was further pressured by reports that major Chinese firms are launching their own chip projects, clouding the outlook for established players’ market share. Micron, SanDisk, and Intel each lost around 1%, while mega-cap tech names Meta, Amazon, and Microsoft fell as much as 2%.