The Dow pulled back from record highs on Tuesday, while the Nasdaq fell 1% as investors rotated out of chip stocks and into sectors including large-cap technology.
SpaceX declined 6% following its entry into the Nasdaq-100. Despite the pullback, the company received 14 new Buy ratings, with Wall Street analysts now favouring SpaceX over Tesla.
Adding to the downturn, risk sentiment weakened after Iran restarted attacks across the Strait of Hormuz. Brent crude rose 5.3% higher at US$75.80 a barrel, while U.S. West Texas Intermediate crude gained nearly 5% to US$72.10 a barrel.
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