04:51 PM EDT, 06/10/2026 (MT Newswires) -- US equity indexes slumped following a sell-off in mega-cap semiconductor names, and as President Donald Trump's threat to attack Iran "very hard" sent crude oil higher.

The Nasdaq Composite dropped 2% to 25,169.50, with the S&P 500 down 1.6% to 7,266.99, and the Dow Jones Industrial Average lower by 1.9% to 49,918.78 on Wednesday. Industrials, technology, and materials were among the decliners, while energy and consumer staples led the gainers.

In the final leg of trading, Qualcomm ( QCOM ) , Arm (ARM), and Advanced Micro Devices ( AMD ) were among the 10 worst-performing stocks in a category of companies with a market capitalization of more than $200 billion each, according to data compiled by Finviz.

Institutional demand for SpaceX (SPCX) shares is more than four times the amount available ahead of its initial public offering, Bloomberg reported Wednesday, citing people familiar with the matter. Banks are expected to stop taking orders after Wednesday's market close at 4 pm ET, with the IPO expected to price the following day and trading set to begin on the last day of the week, the report said.

In geopolitical news, the US will resume attacks on Iran on Wednesday, President Donald Trump said, citing slow progress in talks for a deal to end the war, according to a report from CNN.

Iran is taking "too long to negotiate a deal," and that "now they will have to pay the price," Trump said Wednesday. The US launched airstrikes early Wednesday against Iran after the US president blamed Tehran for the crash of an American attack helicopter, and Iran fired back at countries in the region, according to a report from the Associated Press.

West Texas Intermediate crude oil futures jumped 2.5% to $90.44, and Brent crude futures advanced 2.1% to $93.36.

Most US Treasury yields rose, with the 10-year up two basis points to 4.55% and the two-year higher by 1.3 basis points to 4.14%.

In precious metals, gold futures slumped 4.4% to $4,094.2, and silver futures dropped 2.5% to $63.61.

In economic news, the US seasonally adjusted consumer price index, a measure of inflation, rose by 0.5% in May, as expected, following a 0.6% increase in April, according to data released Wednesday by the Bureau of Labor Statistics. Core CPI, which excludes food and energy prices, rose by 0.2%, below the consensus estimate for a 0.3% increase. Core CPI rose by 0.4% in April.

In this third inflation print since the beginning of Operation Epic Fury, the data continue to show "virtually no sign" that energy inflation is filtering down into the core, outside of airfare, according to a note from Jefferies.

The year-over-year rates for overall and core CPI increased to 4.2% and 2.9%, respectively, from 3.8% and 2.8% in the previous month, the BLS data showed. The headline rate was the strongest since April 2023, according to data compiled by Finviz.

"Some pass-through could still be on the way in the data over the Summer and Fall, but the fact that businesses have been reticent to immediately pass on [the] price increases to their customers is significant," Jefferies Chief US Economist Thomas Simons wrote in the note.