Volatility grips world markets as fears of a U.S. strike on Iran and government shutdown loom. AI bubble concerns hit tech stocks, pushing Nasdaq and S&P 500 down. Federal Reserve Chair Jerome Powell’s press conference raises questions on Fed independence. Key market moves show Wall Street falls, tech slumps, oil soars, and metals fluctuate.

Oil prices surge due to U.S.-Iran tensions, with Brent crude surpassing $70 a barrel. Year-on-year oil price changes shift from -25% to -5%, impacting policymakers and potentially U.S. midterm elections. Market volatility intensifies with sharp price swings, especially in commodity markets like gold, silver, and copper.

Tech stocks plummet as investors worry about the effectiveness of heavy AI spending. Microsoft and SAP suffer double-digit losses. Analysts predict the AI bubble will deflate or burst, causing pain for investors. Tomorrow’s market movers include Japan retail sales, Euro zone GDP, and U.S. earnings reports from Exxon Mobil, Chevron, and more.

Read more at Yahoo Finance: Trading day: Volatility surge, tech wreck