Hello traders,

US stocks came under pressure as oil prices dangerously climbed toward $90 a barrel amid the escalating conflict in the Middle East. Investors sought a safe haven in tech giants, but this tactic hit a harsh reality. News that the US administration plans to strictly limit the global export of AI chips dragged down shares of industry leaders like Nvidia and AMD.

While the tech sector and overall market sentiment suffer, strong US labor market data suggest the economy remains resilient, which only reinforces the skepticism that the Fed will cut interest rates anytime soon.

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