Tech Stocks Plunge, Oil Prices Rebound Amid US-Iran Tensions

Wall Street's main indexes plummeted to their lowest in two weeks on Tuesday, weighed down by significant losses in heavy-tech stocks.

The Philadelphia SE Semiconductor index .SOX fell a staggering 5.4%, with its market value poised to evaporate more than $680 billion if losses persist.

This decline was led by chipmakers and other megacap growth stocks, which suffered due to high government bond yields potentially lowering the present value of future tech profits and increasing corporate borrowing costs.

Oil prices rebounded after fading hopes for a U.S.-Iran peace deal lifted concerns over a prolonged conflict, while government bond yields reached multi-year peaks.