U.S. stocks are trading lower today. The Nasdaq is down 1.4%, the Dow Jones Industrial Average is off 0.1% and the S&P 500 is down 0.6%.

Here is what is driving the markets today:

Worldwide bond selloff: An accelerating bond selloff in recent days has pushed some Treasury yields to levels not seen since 2007. The 30-year Treasury yield hit 5.33% this morning, a new 19-year high, before falling a bit. Meanwhile, the 10-year yield traded at 4.72%. The selloff, which drives yields higher, has been a reaction to inflation fears, increased government spending and rising debt linked to the AI boom.

Chip stocks sinking: Shares in Intel $(INTC)$, Micron $(MU)$, Marvell Technology $(MRVL)$, Super Micro Computer $(SMCI)$ and Western Digital $(WDC)$ dropped 4% or more-dragging the Nasdaq lower.

Iran and oil prices: Drama continues in the Middle East, pushing U.S. oil prices to nearly $85 a barrel and Brent crude near their highest level since July. President Trump said this morning that no talks are underway with Iran. Additionally, Trump posted an image of the Strait of Hormuz to Truth Social, showing the international waterway as a "New U.S. Territory."