Wall Street drops as chip and oil stocks decline

The American stock indices declined across the board, led by losses in semiconductor company shares, due to growing concerns over debt-funded spending on artificial intelligence and the Federal Reserve's readiness to tighten monetary policy. Oil prices also dropped by more than 1%, as investors awaited progress in negotiations between the United States and Iran through the Strait of Hormuz, while prices remained near their lowest levels in approximately four months.

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