Oil sinks 7.5% on US-Iran truce as a chip selloff drags the Nasdaq lower

US crude fell about $6.70 to $82.61, the 10-year yield eased to 4.64%, while Nvidia's reported $250bn OpenAI backstop sent the Nasdaq 100 down 0.32% to 28,039

Deepakshi

Kristal Research & Marketing team

28 Jul2 min

Key takeaways — AI summary

A weekend pause in US-Iran strikes eased war fears: US crude fell roughly 7.5% (about $6.70) to $82.61 a barrel and Brent slipped below $90, helping push the 10-year Treasury yield down about 0.04 points to 4.64% ahead of the Fed.
Stocks split — the S&P 500 finished nearly flat at 7,413, the Dow rose 0.51% and the Russell 2000 added 0.62%, but the Nasdaq 100 fell 0.32% to 28,039 on a semiconductor selloff.
Chips slid on reports Nvidia (-5%) may guarantee around $250bn so OpenAI can lease an Ohio data center, plus a report a Chinese state-backed firm began mass-producing chip-making machines that hit ASML (-5.7%); SanDisk fell 11% as memory-price gains slowed.
Breadth was healthy elsewhere: 10 of 11 non-energy, non-tech sectors held up as money rotated into software winners like Workday (+9%) and RingCentral (+11%); Shopify jumped 12%; Apple (+0.79%) reclaimed the most-valuable-company title from Nvidia.
Chip jitters carried into Asia — South Korea's KOSPI is down roughly 23% in July, its worst month on record — with S&P 500 futures off about 0.3% early Tuesday ahead of megacap earnings and the Fed.

Generated by Kristal AI · reviewed by the research desk

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