U.S. stocks opened lower on Tuesday night Beijing time, with the Dow Jones Industrial Average down 0.18%, the Nasdaq Composite off 1.33%, and the S&P 500 slipping 0.62% as of 23:18 Beijing time. The Philadelphia Semiconductor Index tumbled more than 6%, triggering a broad selloff in chip stocks, while popular Chinese ADRs also declined and spot gold and silver saw sharp drops.

Semiconductor stocks were hit hard across the board, with SanDisk and Marvell Technology each falling over 9%, ARM and SK Hynix dropping more than 8%, and Intel, Micron Technology, and ON Semiconductor all down over 7%.

The optical communications sector also opened lower and continued to slide, with Applied Optoelectronics and Coherent both plunging more than 12%, Lumentum falling over 9%, while Corning bucked the trend with a gain of more than 7%.

Among popular Chinese ADRs, most declined, with 21Vianet down over 14%, Baidu (NASDAQ: BIDU) falling more than 11%, and Kingsoft Cloud dropping over 5%.

Spot gold and silver experienced a sharp short-term selloff, with spot gold down 1.22% to $4,361.98 per ounce and spot silver sliding nearly 3% to $63.849 per ounce. In commodities, international oil prices edged higher, with WTI crude futures up 0.63% to $84.27 per barrel and Brent crude futures gaining 0.41% to $91.24 per barrel.

According to reports, U.S. President Donald Trump stated on social media on Tuesday that there will be no talks or dialogue with Iran now or in the future. He also claimed that the U.S. naval blockade of Iran remains fully effective, the Strait of Hormuz is open and operating normally, and all mines have been cleared or detonated.