Stock indices: S&P 500 down 0.6% to 7,358.82, Nasdaq down 1.4% to 25,566.48, Dow down 0.1% to 50,757.25; intraday peaks of -2.3%, -3.7% and -1.1% respectively.
President Donald Trump announced via Truth Social that the United States will respond to Iran’s shooting down of a U.S. Apache helicopter over the Strait of Hormuz; two pilots were rescued and the incident is under investigation by U.S. Central Command.
Oil markets: Brent crude fell 3.1% to $91.38 per barrel and U.S. WTI fell 3.5% to $88.10 per barrel after Trump’s statement; the U.S. Energy Information Administration projects global oil demand will decline by 1.1 million barrels per day in 2026 versus 2025, then rise by 2.5 million barrels per day in 2027.
Chip sector: The Philadelphia Semiconductor Index dropped more than 10% on Friday, marking its worst day of 2026; Nvidia and Micron together accounted for 98.5% of the S&P 500’s gain the previous day, but chip stocks fell again on Tuesday.
OpenAI confidentially filed for a U.S. IPO, following a similar filing by Anthropic; analysts note uncertainty about AI‑stock appetite when OpenAI lists in the autumn.
Upcoming U.S. data: April trade balance and May existing‑home‑sales releases are scheduled for Tuesday; the consumer price index (CPI) and producer price index (PPI) are due Wednesday and Thursday, with expectations of slower CPI growth despite elevated oil prices.
Company news: Apple slipped 3.3% after a tepid market reaction to its WWDC announcements; J.M. Smucker rose 9.6% as its annual profit guidance beat estimates; GlaxoSmithKline agreed to acquire British cancer drugmaker Nuvalent for $10.6 billion, sending Nuvalent shares up 39.21%.
