Nasdaq 100 slides 1.77% as chip stocks tumble and WTI crude jumps more than 5%

Missile attacks linked to Iran hit commercial shipping in and around the Strait of Hormuz, damaging a Qatari LNG carrier and a loaded Saudi oil tanker, and prompting the US Treasury Department to revoke an Iran oil waiver, according to Axios. WTI crude oil surged more than 5% in a single session to a 1.5-week high. The spike added a supply-risk premium, lifting inflation expectations and US Treasury yields and weighing on technology valuations. The Nasdaq 100 fell 1.77% to a one-week low, while the S&P 500 slipped 0.45%.

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