NASDAQ, S&P 500, Dow Jones decline as oil prices rise on US-Iran tensions

The US benchmark indexes settled lower on Wednesday due to mixed performance from technology stocks and pressure from rising oil prices.

The NASDAQ Composite slipped 0.57% to 25,690.90, while the S&P 500 declined 0.14% to end at 7,498.96. The Dow Jones Industrial Average dropped 6.06 points, or 0.01%, to close at 52,218.58.

Shares of SpaceX fell 6.7%, while recently-listed SK Hynix was down 3.8%. On the other hand, Nvidia and Super Micro Computer gained 2.3% and 19.84%, respectively.

Brent Crude, the international standard, advanced 1.91% to $95.87 per barrel. West Texas Intermediate rose 1.34% to $87.99 a barrel.

Taking to X, US Central Command said that US forces launched more strikes against Iranian military targets on Wednesday at the Commander in Chief's direction.

"The mission will continue to further degrade Iran's ability to threaten civilian mariners and commercial vessels transiting regional waters," it said.

It also reiterated that Iran does not control the Strait of Hormuz. "The international waterway remains open for transit regardless of IRGC threats and attacks. Commercial vessels continue to use the strait with U.S. military support. Since early May, American forces have helped more than 900 ships transit the strait," the defence force said.

Speaking at the ASEAN Post-Ministerial Conference with the United States in Manalia, US Secretary of State Marco Rubio accused Iran of "not being serious about talks". He also slammed Tehran for failing to honour commitments reached in negotiations with Washington last month.

"I just want to reiterate once again that the United States is always committed to diplomacy. We are open-minded and always willing to engage in negotiated settlements of differences," he said.

"If they are serious, we are serious. If they are not, then we will do what is necessary to protect our interests and the interests of our allies," he added.