Tech shares faced pressure as investors worried about the high cost of AI development without clear returns. Intel reported strong quarterly results, but its stock still fell 8% due to market jitters.

Oil prices declined as signs of potential progress in the U.S.-Iran conflict eased market tensions, with Brent crude futures dropping below $97 a barrel. Despite this, long-simmering conflicts and potential tariffs remained a concern.

Indexes saw mixed performance: the tech-heavy Nasdaq fell 0.6%, while the S&P 500 and Dow Jones Industrial Average saw slight gains. Meanwhile, Elon Musk’s companies experienced significant declines. SpaceX’s stock dropped approximately 50% from its June IPO highs, and Tesla’s stock plummeted about 19% in a week following increased capital spending revelations. These drops represent a substantial loss of wealth for Musk.