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Wall Street Declines as Chip Stocks Fall and Oil Prices Rise
U.S. stock indices modestly declined following reports about Samsung's earnings and developments in the semiconductor sector, with the Dow Jones down by 0.2%, the S&P 500 by 0.5%, and the Nasdaq by 1.2%. This came after Samsung's profits surged significantly in the second quarter due to increased demand for artificial intelligence, but concerns over the company's AI investments and the future of demand raised investor anxiety. Meanwhile, oil prices rose sharply following news of Iranian attacks on ships in the Strait of Hormuz, with Brent surpassing $75 per barrel and U.S. crude exceeding $71.
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