The VanEck Semiconductor ETF fell nearly 9%, with investors awaiting earnings from Alphabet, Tesla, and Intel.

The US Dollar Index held near 101, extending its gains as higher oil prices strengthened expectations that interest rates could stay higher for longer. Markets now price a 53% chance of a September Fed rate hike, up from 47%, although a July hold remains the base case.

Bond markets continue to reflect Fed Chair Kevin Warsh's view that the inflation fight is not over.

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