Oil prices slid toward pre‑war levels on Wednesday, pulling energy stocks lower. Brent crude fell 4.3% to $73.74 a barrel, barely above its last close before the Iran conflict began. U.S. benchmark futures dropped 3.9% to $70.34, while tanker traffic through the Strait of Hormuz eased, adding downward pressure.

Equity indexes trimmed early gains as tech shares wrestled with lingering AI‑bubble concerns. The Nasdaq composite slipped 0.4% after a 3.5% decline over two days, while the S&P 500 edged down 0.1% and the Dow rose 0.4% after earlier gains. Industrial and consumer sectors outperformed energy and technology groups.

Cerebras Systems plunged 20% after warning it will continue operating at a loss, underscoring the heavy cost base of the AI build‑out. The PHLX Semiconductor Index slipped 0.2% following an almost 8% tumble on Tuesday, reflecting investor anxiety over debt‑financed AI projects.

Chief economist Joseph Brusuelas of RSM said insufficient global demand likely fuels the tech sell‑off, noting “I’m still trying to ascertain what’s driving the [tech] selloff.” The market’s mixed reaction highlights how oil‑price relief and AI‑sector volatility together shape short‑term investor sentiment.