XLK is trading 1.73% down as escalating U.S.-Iran tensions undermine hopes for a near-term truce, pushing oil higher and reviving inflation concerns.
- Brent crude reached roughly $91, while the 30-year Treasury yield climbed above 5.3%, increasing discount rates for growth-oriented technology shares.
- Nasdaq weakness confirms a broad risk-off move, with semiconductors particularly pressured.
- No stronger company-specific catalyst among dominant XLK holdings appears to explain the decline.