US stocks tumble, dragged by tech and Iran war worries

STORY: Wall Street's main indexes tumbled on Wednesday, with the Dow dropping almost 1.9%, the S&P 500 shedding 1.6% and the Nasdaq falling nearly 2%.:: ArchiveRenewed tensions in the Middle East added to investor uncertainty, with President Donald Trump saying the U.S. would attack Iran again "very hard" following a significant exchange of fire overnight.Chip makers continued to drag on the market, extending their recent declines. Shares of Nvidia lost more than 3.5%, while Broadcom dropped more than 5%.Gina Martin Adams is chief market strategist at HB Wealth."We've had a pretty tough go for the last few days in the equity market, really starting in the middle of last week. We started to see a little bit of rotation out of technology stocks as the earnings season is finally finished. That was clearly the big catalyst for gains. Now we're starting to see markets react a little bit to friction that has reemerged in the Middle East. So you've got two different influences on the equity market right now. Investors are rotating out of tech after the enormous run that it had had since the end of March, and Middle East tensions, which are flaring up again.":: OracleIn other tech names, shares of Oracle, down more than 2% at the close, dropped further in extended trading after the company reported quarterly revenue that narrowly beat Wall Street expectations. Its results came amid concerns about Oracle's spending and AI-driven disruption to traditional software demand. The company also said it expects to raise nearly $40 billion through a combination of debt and equity financing in fiscal 2027.:: ArchiveShares of Super Micro Computer nosedived 28% after the company announced plans to raise $7 billion through a series of equity and equity-linked transactions to fund component purchases for its growing AI server demand.:: ArchiveAnd shares of trucking companies dipped after Amazon announced an expansion of its freight services, with shares of J.B. Hunt, XPO and Old Dominion all suffering losses.Meanwhile, data from the Labor Department showed U.S. consumer prices increased 4.2% in the 12 months through May, the largest gain since April of 2023.While the Federal Reserve is widely expected to hold interest rates steady at its policy meeting next week, investors are now pricing in at least one rate hike by the end of the year.