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Chip Stocks Sink After Blistering Run as Oil Jumps | Closing Bell
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July 7, 2026
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9:27Now PlayingComprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Katie Greifeld, Carol Massar and Emily Graffeo.
Wall Street was rattled by a selloff in chipmakers on concerns over whether massive artificial-intelligence investments will justify lofty valuations while a jump in oil prices boosted bond yields.
This year’s best-performing corner of the stock market was pummeled, with a gauge of semiconductor firms sinking about 4.5%. Not even Samsung Electronics Co.’s record profit was enough to entice investors. The Nasdaq 100 declined 1.8%. SpaceX joined the index. Despite weakness in tech, most S&P 500 companies rose, signaling rotation into other industries. A flare-up in geopolitical risks saw US crude hitting $72 in late hours as the Treasury Department revoked a waiver that allowed the sale of Iranian oil in response to strikes on tankers in the Strait of Hormuz. Worries that higher energy costs could fuel inflation spurred a drop in Treasuries.
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