U.S. Stocks Fall as Trump Threatens Iran and Chip Sell-off Deepens, Dow Loses 473 Points
Updated
Updated · CNBC · Jun 9
U.S. Stocks Fall as Trump Threatens Iran and Chip Sell-off Deepens, Dow Loses 473 Points
3 articles · Updated · CNBC · Jun 9
Summary
The Dow dropped 473 points, or 0.9%, while the S&P 500 fell 0.7% and the Nasdaq lost 1% as investors reacted to Donald Trump's warning that Iran would "pay the price."
Oil added more than 1% to about $89 a barrel after U.S. forces struck Iran following the reported downing of a U.S. Army Apache helicopter over the Strait of Hormuz.
Chip shares added to the pressure: Micron, AMD and Broadcom fell again, extending a retreat that drove the iShares Semiconductor ETF down 10% last Friday.
A softer May core CPI reading of 0.2% month on month helped stocks recover from session lows, but annual core inflation at 2.9% and headline inflation above 4% kept pressure on sentiment.
The sell-off extends a broader pullback from AI-driven highs, with traders also citing portfolio reshuffling ahead of SpaceX's Friday IPO even as the chip ETF remains up more than 87% this year.