05:12 PM EDT, 07/07/2026 (MT Newswires) -- (Updates with index/price moves, macroeconomic, and company/political news.)

US equity indexes slumped as chipmakers led the technology sector lower and the Treasury Department revoked a June 21 license authorizing Iran to sell its crude oil in international markets.

The Nasdaq Composite dropped 1.2% to 25,818.69, the S&P 500 fell 0.5% to 7,503.85, and the Dow Jones Industrial Average retreated 0.3% to 52,925.15 on Tuesday. Technology, industrials, and materials were the steepest decliners at the close. In addition to energy, the top gainer, other sectors in the lead included real estate, healthcare, and consumer staples.

Among stocks with market capitalization exceeding $200 billion each, 14 out of the bottom 20 names were technology firms, according to data compiled by Finviz. A vast majority of tech firms in decline were from the semiconductor industry.

The worst performer in this category of mega-caps with a significant sway over index moves was Intel ( INTC ) , down 9.6%, after Samsung Electronics' preliminary earnings disappointed investors. Samsung forecast a surge in profit, but investors were seemingly locking in huge gains made on memory-chip stocks, and that's having a global impact, Barron's reported.

In geopolitical news, the US Treasury Department revoked the general licence that authorised the sale of Iranian oil, petrochemicals, and petroleum products, according to a statement from the Office of Foreign Assets Control. "Effective July 7, 2026, General License X, dated June 21, 2026, is revoked and superseded in its entirety by General License X1."

The OFAC is offering a short grace period until 12:01 a.m. EDT on July 17 to close authorized transactions under the June 21 order, according to the statement.

The US action comes as two tankers were struck by projectiles in the Strait of Hormuz on Tuesday, per media reports on Tuesday citing the United Kingdom Maritime Trade Operations centre. In the past 24 hours, three tankers have been attacked in the chokepoint for about a fifth of the global crude oil flows, Al Jazeera, a Middle East broadcaster, reported on Tuesday.

Meanwhile, Iran's Foreign Minister Abbas Araghchi said negotiations with the US on a final peace deal will not begin unless threats continue, referring to President Donald Trump's warning that Washington will reach an agreement with Tehran or "finish the job," Al Jazeera reported on Tuesday.

The front-month global benchmark North Sea Brent jumped 5.5% to $75.99 a barrel, and the US West Texas Intermediate advanced 5.4% to $72.27 a barrel.

Most US Treasury yields surged. The two-year yield jumped 6.4 basis points to $4.19%, and the 10-year soared 7.4 basis points to 4.55%.

Gold futures dropped 1.2% to $4,116.10, and silver futures slumped 3.2% to $60.36.

In economic news, consumer expectations for one-year US inflation growth jumped to 3.7% in June from 3.5% in the previous month, according to a survey released by the New York Federal Reserve Bank. The print is the highest since September 2023. Median inflation expectations rose to 3.3% from 3.1% three years ahead, and remained unchanged at 3.0% over five years.

Consumer confidence for July rose from the prior month, with the RealClearMarkets' monthly index rising to 45.5 from 42.5 in June. A print above 50 suggests optimism, while a reading below 50 suggests pessimism.