The Nasdaq fell 1.6% as AI‑related stocks faced a reality check, with SK Hynix tumbling 15%—its biggest one‑day drop on record—after its high‑profile U.S. debut. Semiconductor peers Micron, Intel, Marvell and ARM each slipped 4% or more as investors questioned how far the AI rally can run. Meanwhile, oil spiked sharply on geopolitical tension: Brent crude surged 9.6% to $83.30 a barrel, the steepest rise since 2020, after President Trump announced a renewed U.S. blockade of Iranian shipping in the Strait of Hormuz and a 20% fee on every cargo.

The flare‑up also hit precious metals, with gold falling nearly 3% to just under $4,000 per ounce and silver dropping 3.6% to $57.63, a 50% decline from its January peak. Investors brace for a busy week as earnings season kicks off with major banks like JPMorgan Chase and Goldman Sachs, while Fed Chair Kevin Warsh prepares to testify before Congress. The largest gold ETF, GLD, is down 25% from its January high, and silver remains volatile after a 49% slide from its record level.