The market closed lower across the board, with the S&P 500 down 0.45%, the Nasdaq Composite falling 1.16%, and the Dow Jones Industrial Average declining 0.25%. The selloff was relatively broad, with all three major indices posting losses, though the Dow's decline was the smallest. The most significant macro driver appeared to be rising oil prices, which contributed to a risk-off tone, as investors may have been cautious ahead of the Federal Reserve's upcoming meeting. The tech sector was a notable casualty, with chip stocks leading the declines, likely due to concerns over a potential tech selloff triggered by Samsung and DeepSeek. The Nasdaq's performance was particularly weak, reflecting broader investor defensiveness and a focus on value stocks, as evidenced by Eli Lilly's strong performance.

The headlines highlighted a mixed picture, with some articles suggesting the tech selloff could be a bubble popping, while others argued it might just be fatigue. The market's reaction to SpaceX's debut on the exchange and the performance of Rivian and Mic also added to the volatility. Despite the overall negative tone, there were signs of resilience, with the Dow reaching a fresh record high before the close, and the Nasdaq showing some recovery in futures trading, possibly reflecting optimism around AI-driven trades. The market's performance was uneven, with some sectors and individual stocks bucking the trend, underscoring the complexity and nuance of today's trading session.