Market Close: Technology and oil mark the day amid war in Iran
The stock market on Thursday was marked by a strong wave of selling triggered by the report that the Trump administration is preparing regulations to require export licenses for artificial intelligence chips to any destination in the world. The news immediately hit the semiconductor sector, with Nvidia and AMD leading the volatility, and the impact quickly spread to the S&P 500 and Treasury bonds, which touched session lows. Market fears center on the scope of the measure: if approved, any global company wishing to acquire AI accelerators from U.S. manufacturers would need prior authorization from the U.S., representing a significant expansion of existing trade restrictions and reigniting tensions in the tech war with China.
Gold: The precious metal retreated, pressured by the strength of the dollar and the rise in Treasury bond yields, in an environment where inflation concerns stemming from oil reduced its appeal and some investors liquidated it to cover losses in equities.
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