Stocks fell Wednesday as fresh strikes between the U.S. and Iran drove oil prices back above $100 a barrel for the first time since July. Investors will be watching for whether Apple's iPhone event on Wednesday serves as a catalyst for the broader market.

Apple rose 0.3% with the tech giant expected to unveil a foldable iPhone, which will mark the device's biggest design change since it debuted in 2007. The phone could cost as much as $2,000. CEO John Ternus will host the event, his first since Tim Cook's departure.

Some artificial-intelligence stocks traded higher despite worries about a flare-up in inflation. Chip maker Qualcomm added 1.5%, having climbed 3.2% on Tuesday thanks to a deal with Amazon.

Glassmaker Corning, memory-card maker Sandisk, chip maker Advanced Micro Devices all rose, while Intel dipped 0.1%.

Jersey Mike's Subs gained 6.1% after the sandwich chain posted its first earnings report since going public in July.

Casey's General Stores tanked 17%. The convenience-store chain posted better-than-expected first-quarter earnings late Tuesday, but investors were looking for more given that shares have risen 33% for the year.

Signet Jewelers jumped 19% after the retailer raised its fiscal-year earnings forecast, which was also above Wall Street's expectations. Management partly attributed the guidance boost to Signet's strong operating performance so far this year. The jewelry retailer was heading toward its largest single-day gain in over a year on Wednesday.

Braze sank 15% even as the marketing software developer reported better-than-expected second-quarter results. Wall Street was hoping for more evidence that AI can boost the company's revenue growth.

ServiceTitan cratered 27% after a disappointing revenue outlook overshadowed the software company's second-quarter earnings beat.

Chime rose 7.7% after the financial-tech company said Tuesday it would pay $590 million to acquire Stride Bank, an Oklahoma-based institution it has long partnered with as a way to provide checking accounts and other banking services. The deal means that Chime will become a bank itself.

Meta Platforms rose 5.8%. The Facebook-parent company on Tuesday launched its artificial-intelligence consumer agent, called Muse. The agent will automate a variety of tasks, including online shopping, managing calendars, and sending emails. Morgan Stanley wrote that Meta could "win" the estimated $30 trillion consumer AI agent total addressable market.