Dow Jones Top Markets Headlines at 3 AM ET: Chip Stocks Fall as AI Trade Loses Steam | Trump's ...

U.S. markets opened under pressure early Friday, with semiconductor stocks dragged lower as the “AI trade” lost momentum. The Nasdaq Composite ended 1.5% lower after a new wave of selling hit the chip sector. At the same time, the news feed highlighted policy and macro items shaping sentiment across assets. In Washington, headlines pointed to President Trump’s plan for renewed pressure on Iran, framed as a move intended to push Tehran to release its hold on the Strait of Hormuz. Separately, Dallas Fed President Lorie Logan said interest rates may need to rise “modestly” to bring inflation back to 2%. On U.S. data, jobless claims unexpectedly dropped to 208,000 for the week through July 11, down from an upwardly revised 216,000, while pending home sales fell 5.4% in June to 72.5.