Federal Reserve Governor Williams said he has seen only limited impact from AI on chip and related prices.

U.S. stocks closed sharply lower Thursday: Dow Jones down 3.4%, S&P 500 down 4.3%, Nasdaq down 5.5%. Big movers included Micron -17% (MU.O), SanDisk -22% (SNDK.O), SK Hynix -13% (SKHY.O), NVIDIA -9%+ (NVDA.O), AMD -17% (AMD.O) and Tesla -10% (TSLA.O). The Nasdaq Golden Dragon China Index rose 0.42%.

International oil prices pared earlier gains as traders weighed reports the US helped advance Middle East talks. Since Monday oil has swung in about a $19 range. Qatar’s emir office said he discussed diplomatic steps with Trump to ease regional tensions. Market hopes for a quicker resolution rose, but major differences remain: Iran has demanded the US lift a maritime blockade, ease sanctions and unfreeze assets before it will fully reopen the Strait of Hormuz. The New York Times reported Tehran is considering mediation on its nuclear program, suggesting Qatar’s diplomacy may be making headway in averting another full escalation.