Tech Sell-off Hits Nasdaq as Oil Climbs on Hormuz Blockade

The volatility in the semiconductor sector rippled across the U.S. market, with Micron, Intel, Marvell, and ARM Holdings all shedding 4% or more of their value. This retreat follows a volatile debut for SK Hynix, which saw its Seoul-listed shares plummet after a period of intense hype.

Simultaneously, energy markets reacted to a sudden geopolitical shift. President Trump announced the reimposition of a U.S. blockade on Iranian shipping within the Strait of Hormuz. Under the new policy, the U.S. intends to levy a 20% charge on all cargo transiting the waterway as compensation for naval protection. Following the announcement, Brent crude surged 4.5% to reach $79.50 a barrel.

Market focus now shifts to the impending earnings season, with results from major financial institutions including JPMorgan and Goldman Sachs expected tomorrow. Investors are also bracing for the inaugural Congressional testimony of new Federal Reserve Chair Kevin Warsh, which is likely to set the tone for interest rate expectations.