# The Nasdaq 100 dropped 0.7% to 29,801, pressured by chip producers and AI hyperscalers retreating from record highs.

*business, semiconductor · news · 2026-05-27 · Benzinga*

## Key points

- The Dow Jones Industrial Average reached a new all-time high while the Nasdaq 100 declined.
- Iranian state media announced a Strait of Hormuz reopening draft, but the White House denied its validity.
- WTI and Brent crude oil prices fell nearly 4% as traders discounted risks of a Persian Gulf shock.
- Micron Technology shares rose 2.2%, defying a broader decline among semiconductor stocks.

Wall Street split decisively at midday Wednesday as the Dow Jones Industrial Average punched to a fresh all-time high while the Nasdaq 100 retreated. • Carnival stock is showing exceptional strength. What’s behind CCL gains? The Nasdaq 100 dropped 0.7% to 29,801, pressured by chip producers and AI hyperscalers retreating from record highs. The S&P 500 edged 0.2% lower to 7,508 after brushing a record peak earlier in the session, while the Dow Jones Industrial Average advanced roughly 160 points or 0.3% to 50,622. The Iranian state media reportedly announced a draft framework to reopen the Strait of Hormuz, only for the White House to deny the document. Speaking from his Cabinet meeting, President Donald Trump tempered ceasefire optimism, telling reporters, “We’re not there yet on an Iran deal.” That dynamic was enough to send crude prices and long-end Treasury yields lower while equity markets fractured along sector lines. WTI crude oil tumbled 3.9% to $90.26 per barrel, and Brent crude slid 3.6% to $95.99, both extending a multi-week decline as traders price out the most bullish scenarios for a prolonged Persian Gulf shock. The yield on the U.S. 10-year Treasury note held near a two-week low at 4.49%, well off the 16-month high of 4.7% touched on May 20, as the energy slide eased inflation pressure. Wednesday’s Performance In Major U.S. Indices According to the Benzinga Pro platform: Casinos and Cruise Lines Power Rally While Chips Retreat Nvidia Corp. (NASDAQ:NVDA) fell for the fourth straight session. Despite the broader chips pullback, shares of Micron Technology Inc. (NASDAQ:MU) were up 2.2%, after a 19% surge on Tuesday. Wednesday’s Russell 1000 Top Gainers Wednesday’s Russell 1000 Top Losers Photo: Shutterstock

**Companies:** Nvidia Corp., Micron Technology Inc.
**Countries:** United States, Iran

[Read the full story on Benzinga](https://www.benzinga.com/markets/equities/26/05/52818706/dow-record-high-chip-stocks-tumble-oil-slides-iran-deal-whiplash-markets-wednesday)

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