VGT is trading at $705.66 (down 1.5%) as geopolitical tensions in the Middle East intensified following Iran's rejection of the U.S. ceasefire proposal.
- Major semiconductor holdings are dragging the fund lower, with Micron Technology (MU) down 4.33% and Lam Research (LRCX) falling 6.91% amid concerns over AI memory chip demand.
- The broader market is under pressure as the S&P 500 fell 0.74% and the Nasdaq Composite dropped 1.03% amid rising oil prices and a rotation into safe-haven assets.