60 Minutes · Chip sector losses drag markets lower

1. 1. The chip sector fell for a third straight day, dragging the Dow down ~400 points and the Nasdaq over 300 points.
2. 2. Investors are taking profits from the AI sector amid concerns of a bubble and fears about Chinese AI competition.
3. 3. The average US gas price hit $3.98 per gallon, up 10 cents from last week and 80 cents from a year ago.
4. 4. The Iran conflict keeps oil prices elevated as the Strait of Hormuz, through which 20% of global supply passes, remains at risk.
5. 5. Higher energy inflation delays Federal Reserve rate cuts, as it amplifies upward pressure on everyday costs.