Why are the S&P 500, Nasdaq, and the Dow crashing today?

S. 8%, and the Dow slipped 84 points. Chip stocks dragged the market lower after Monday’s rebound faded, with the iShares Semiconductor ETF down nearly 6%.

Micron and Broadcom fell again as investors stayed worried that the AI chip rally had moved too far, too fast. Oil prices dropped below $90 after fresh comments on the Strait of Hormuz, but weakness in tech still outweighed that relief.