Dow falls back below 53,000, Nasdaq loses 1% as chip stocks tank, oil spikes: Live updates

U.S. stock markets declined on Tuesday, with the Dow Jones Industrial Average falling back below 53,000 and the Nasdaq Composite losing 1%, driven by a sell-off in chip stocks and a spike in oil prices. The Dow had earlier hit a fresh all-time intraday high before reversing. The decline reflects investor concerns over rising energy costs and sector-specific weakness in semiconductors. No specific catalyst was cited, but the moves suggest a risk-off sentiment amid broader macroeconomic uncertainty.

Global Impact

The sell-off in chip stocks may pressure Asian semiconductor exporters, particularly in Taiwan and South Korea, while the oil spike benefits producers in the Middle East and U.S. shale regions. The broader market decline could dampen risk appetite globally, affecting emerging market equities and currencies.