Tech stocks erase $1 trillion of wealth as oil surges to $110 for the first time since May

Live updates

1. 2h ago

   Tech Stocks Erase $1 Trillion as Oil Surges to $110

   Global markets face intense downward pressure as an aggressive technology selloff wipes $1 trillion in market value while crude oil prices surge past $110 per barrel for the first time since May. The tech rout ends a four-week winning streak for the Nasdaq, which sinks more than 2% amid growing investor questions surrounding artificial intelligence debt and promises. Meanwhile, Brent crude climbs above $110 and U.S. crude tops $100 per volume on mounting Middle East supply concerns. Bank gains provide a partial offset, helping keep broader indexes relatively subdued.

   Why it matters

   The convergence of artificial intelligence jitters and surging energy costs creates severe anxiety across Wall Street as traders process compounding macroeconomic shocks. Escalating geopolitical tensions in the Middle East, including new tactics by Iran targeting ships transiting the Strait of Hormuz, drive the multi-month oil price high. This supply threat collides with a broader cooling in technology equities as investors grow fatigued by heavy capital spending and debt tied to artificial intelligence initiatives.

   What is confirmed

   • Oil prices surged to $110 per barrel for the first time since May.
   • The Nasdaq sank more than 2% to end a four-week winning streak amid a technology sell-off.
   • U.S. crude oil topped $100 as Iran escalated attacks in the Strait of Hormuz.

   Still unconfirmed

   • Traders are actively weighing International Energy Agency reserve releases against Hormuz supply risks.

   What to watch next

   • Developments in Middle East supply lines and potential International Energy Agency reserve releases
   • Further volatility in major stock indexes as the technology sector navigates artificial intelligence debt concerns
   Sources used for this update (17)

   1. Yahoo Finance — Oil prices climb as Iran deploys new tactics to target ships transiting Hormuz
   2. WSJ — Oil Prices Fall as Traders Weigh IEA Reserve Releases, Hormuz Risks
   3. CNBC — S&P 500 futures are little changed as index heads for losing week: Live updates
   4. WSJ — Stock Market Today: Markets Steady After Tech Selloff
   5. Reuters — S&P 500 subdued as gains in banks offset AI jitters; Dow at one-month high
   6. CNN — Nasdaq sinks more than 2% as investors raise questions about AI debt
   7. NBC News — Oil surges to $110 per barrel for the first time since May
   8. CNBC — U.S. crude oil tops $100 as Iran escalates Hormuz attacks, Ukraine vows to hit Russian refineries
   9. Bloomberg.com — Oil Tops $110 for First Time Since May as Supply Risk Grows
   10. Reuters — Oil heads for weekly gain with focus on Middle East supply
   11. Bloomberg.com — Wall Street Anxiety Spreads as AI Rout Meets $110 Oil Shock
   12. Financial Times — Brent hits 5-month high above $110 on continued tension in Middle East
   confidence 95%