Live Nasdaq Composite: Markets Tumble, Oil Soars amid Escalating Tehran Tensions

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AI Memory and Chip Stock Rut

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AI memory stocks are under pressure as concerns over the sustainability of hyperscaler AI infrastructure spending continue to weigh on the sector. In pre-market trading, Micron Technology (NASDAQ:MU | MU Price Prediction) is shedding 3.6%, SanDisk (NASDAQ:SNDK) is off 2.5%, and Western Digital (NASDAQ:WDC) is sinking 2%. Weakness is spreading across the broader chip space as Intel (NASDAQ:INTC), AMD (NASDAQ:AMD) moving lower while Broadcom is inching higher on its expanded partnership with Apple. The selloff comes on the heels of Samsung’s record quarterly profits failing to impress investors, a dynamic that has called into question how much further the AI trade can run at current valuations.

This article will be updated throughout the day, so check back often for more daily updates. 

Markets are selling off after President Trump declared that the ceasefire with Iran is finished, sending oil prices surging and futures tumbling across the board. The president also warned that strikes would likely resume at sundown, citing Tehran’s nuclear ambitions. Dow futures are down 480 points, or 0.9%, S&P 500 futures are off 0.6%, and Nasdaq 100 futures are sliding 0.7% as traders scramble to reprice risk. Brent crude is spiking 5.2% to $78.01 a barrel and WTI is jumping 5% to $73.96. The selling stretched to South Korea’s stock market, which has now fallen 20% from its most recent highs, meeting the technical definition of a bear market.

The 10-year Treasury yield climbed to its highest intraday level since May, touching 4.583% as renewed U.S.-Iran tensions pushed investors out of bonds and into safer havens elsewhere. The yield pulled back slightly from that peak but remains elevated on the day, adding another layer of pressure to rate-sensitive growth stocks already navigating a tough session.

Here’s a look at where things stand as of pre-morning trading:

Dow Jones Industrial Average: 52,721 Down 0.89%
Nasdaq Composite: 29,220 Down 0.58%
S&P 500: 7,512 Down 0.52%

Market Movers

Apple (NASDAQ:AAPL) and Broadcom (NASDAQ:AVGO) are building on their partnership with a deal worth up to $30 billion. Broadcom is set to deliver over 15 billion chips on U.S. soil for Apple, according to Bloomberg. The agreement will support hundreds of American jobs and includes a commitment from Apple to help Broadcom upgrade its production facilities in Colorado.

Netflix (Nasdaq; NFLX), Disney (NYSE: DIS), and Alphabet/Google’s (Nasdaq: GOOGL) YouTube are all circling the FIFA World Cup U.S. broadcasting rights, with the package expected to fetch as much as $2 billion.

TD Cowen tweaked its price target on Amazon (NASDAQ:AMZN) to $340 from $350 while holding its Buy rating, a slight adjustment that signals some tempered near-term expectations.

Nvidia (NASDAQ:NVDA) has seen its valuation compress to levels not visited since early 2019, with the stock now trading below a 20 price-to-earnings ratio, according to Bloomberg.

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