Nasdaq slips as oil surge and Iran deadline rattle tech; Arm, Nvidia and Apple lead declines
The Nasdaq came under pressure this afternoon as a surge in oil and a high-stakes Iran-related deadline sapped risk appetite, with chip heavyweights Arm, Nvidia and Apple leading the slide. With the index’s biggest tech names moving lower in tandem, there were few places to hide.
The selloff accompanied a rotation into energy as crude prices climbed. Higher oil feeds inflation and can keep interest rates elevated—conditions that typically weigh on growth stocks. If oil stays high long enough to erode demand, traders warned, the market could face a growth problem on top of a rate problem.
On the charts, the Nasdaq Composite Index (IXIC) remains in a downtrend, though momentum is close to turning higher. A sustained move above 21,881.82 would be the first sign of late-session strength; clearing the minor swing top at 22,052.41 would confirm a momentum shift and could spark an acceleration to the upside.
A resistance cluster looms overhead: the 200-day moving average at 22,363.58, a 50% level at 22,532.88 and the 50-day moving average at 22,556.88. Until buyers push decisively through that band, sideways-to-lower pressure is likely. On the downside, key support today sits in a minor retracement zone at 21,371.33 to 21,210.60.
Within semiconductors, Arm was in focus. DRAM shortages are starting to slow electronics production, which directly affects Arm’s royalty stream—fewer devices built mean fewer royalties collected. Uncertainty also persists around Arm’s unresolved legal situation with Qualcomm and its push into CPUs.
Nvidia fell as traders unwound crowded AI positions, while Apple’s decline added to the index’s weakness. Market participants described the Iran-related deadline centered on the Strait of Hormuz as the day’s main event and viewed the outcome as binary for risk assets.
In that backdrop, money flowed out of tech and into energy, the only pocket showing momentum in the session. Absent a resolution, elevated oil could keep rates sticky and maintain pressure on chip stocks; a durable de-escalation would change the tone. Traders said the close will be telling.
How Arm, Nvidia and Apple finish the day could offer clues about where the Nasdaq heads next.