U.S. Stocks Move Sharply Lower Amid Renewed Tech Weakness

Market Overview - Major stock indices experienced a decline, with the Nasdaq falling by 418.14 points (1.8%) to 22,693.32, the S&P 500 down by 78.83 points (1.2%) to 6,721.43, and the Dow decreasing by 228.29 points (0.5%) to 47,885.97 [2] - The decline was attributed to renewed weakness in stocks, particularly in the tech sector, highlighted by Oracle's significant drop [2] Company-Specific Developments - Oracle's stock plummeted by 5.4% to a six-month closing low following a report that its largest data center partner, Blue Owl Capital, would not support a $10 billion deal for a new facility in Michigan, although Oracle stated the project is still progressing [3] - Other major tech companies, including Nvidia, Broadcom, and Advanced Micro Devices, also experienced notable declines [3] Sector Performance - Semiconductor stocks faced severe losses, with the Philadelphia Semiconductor Index dropping by 3.8% [4] - The NYSE Arca Computer Hardware Index fell by 3.1%, indicating considerable weakness in computer hardware stocks [4] - Networking stocks also declined significantly, while sectors outside of tech, such as airlines, brokerages, and housing, showed notable weakness [4] Energy Sector - In contrast, energy stocks performed strongly as crude oil prices rebounded from their lowest levels since early 2021, following President Trump's order for a blockade of sanctioned oil tankers in Venezuela [5] International Markets - In the Asia-Pacific region, stocks mostly rose, with Japan's Nikkei 225 Index increasing by 0.3% and China's Shanghai Composite Index jumping by 1.2% [6] - European markets showed mixed results, with the U.K.'s FTSE 100 Index up by 0.9%, while the French CAC 40 Index fell by 0.3% and the German DAX Index decreased by 0.5% [6] Bond Market - Treasuries showed a lack of direction, closing roughly flat, with the yield on the benchmark ten-year note slightly increasing to 4.151% [7] Future Outlook - Trading on Thursday is expected to be influenced by a report on consumer price inflation and its implications for interest rates [8]