Tech Stocks Sink Wall Street Amid Rising Oil and Precious Metals

MSCI's global equities gauge declined as tech stocks led Wall Street lower, contrasting an oil price rally due to U.S.-Iran tensions. Meanwhile, commodities like gold surged, and interest rate hikes by Australia's central bank drove currency market movements. Investor anxiety grew, impacting indices like the S&P 500 and Nasdaq.

Tech stocks drove Wall Street lower as MSCI's global equities gauge lost ground on Tuesday. Rising tensions between the U.S. and Iran triggered an oil rally, while precious metals rebounded from recent losses. The Australian dollar surged after interest rate hikes, contrasting a weakening U.S. dollar.

U.S. military actions involving Iran, reported by Reuters, fueled fears over oil supply disruptions, pushing oil prices higher. Despite initial gains, the S&P 500 and Nasdaq quickly turned negative, with Nvidia shares declining amid competition concerns around AI chip development.

Earnings reports from major tech firms like AMD and Super Micro Computer loomed as additional investor pressures. Meanwhile, commodities experienced volatility, with gold and silver prices rebounding sharply, influenced by potential shifts in Federal Reserve leadership.

(With inputs from agencies.)