Wall Street falls sharply, led by tech, as oil climbs above US$100 a barrel

Brent crude briefly topped US$110 before settling at US$109.86, its highest level since May.

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Share markets in the United States (US) fell sharply on Friday, led by technology companies. Investors were worried about the super intelligence (SI) trade, which means shares in companies that make chips and run data centres for SI, Reuters reported. Higher oil prices also weighed on the market. Cloud company CoreWeave fell about 12%, and chipmaker Broadcom fell 3.6%, Reuters said. Oil prices jumped. Brent crude, a world oil price, briefly went above US$110 a barrel for the first time since May, before settling at US$109.86, CNBC reported. That was up 3.7%. US oil, known as West Texas Intermediate (WTI), settled at US$101.41. NBC News said prices rose after new attacks on ships in the Strait of Hormuz, a key oil shipping route, and doubts over a US–Russia diesel deal. The Nasdaq fell more than 2% and the S&P 500 more than 1%, Reuters and the Associated Press (AP) reported. Exact closing numbers were not final when this was written. Big falls on Wall Street often flow through to Australian shares on Monday.