US stocks today: S&P 500, Nasdaq decline as Iran tensions jolt sentiment; chip stocks fall

US equity markets declined as renewed US-Iran tensions rattled investor sentiment, with Tehran claiming closure of the Strait of Hormuz, a critical energy shipping route. Crude futures rose more than 3% on the supply disruption fears. The Nasdaq fell 0.82% led by semiconductor stocks, with the Philadelphia Semiconductor index dropping 3.6% and Micron Technology and Sandisk declining 7.2% and 9.5% respectively. Markets are also bracing for US CPI data and the start of Q2 earnings season, with S&P 500 earnings expected to grow 23.7% year-on-year.