S&P 500 futures declined on Thursday as traders sold off semiconductor stocks in response to a disappointing report from Broadcom, while also keeping an eye on the latest events unfolding in the Middle East. Futures associated with the broad market index declined by 0.4%, whereas Nasdaq 100 futures experienced a decrease of 1.1%. Futures for the Dow Jones Industrial Average, conversely, experienced an increase of 226 points, translating to a rise of 0.4%. Shares of Broadcom traded 13% lower following the chipmaker’s report of a fiscal second-quarter revenue miss.

The cybersecurity firm CrowdStrike experienced a decline of 10% following its unimpressive revenue guidance for the second quarter. Semiconductor companies, which spearheaded the recent surge in the market to unprecedented heights, experienced a widespread decline. The VanEck Semiconductor ETF lost more than 3% before the bell. Arm Holdings, Micron Technology, and Marvell Technology experienced declines of approximately 6% each. Thursday’s movements come on the heels of a decline on Wall Street, as equities faced pressure from escalating tensions in the Middle East.

Attacks have intensified between the United States and Iran. Iran launched an attack on Kuwait International Airport early Wednesday. This occurred a day after U.S. Central Command reported the successful interception of several Iranian ballistic missiles and drones, alongside the execution of “self-defense strikes” on Qeshm Island in the Persian Gulf. It was indicated that this action was a response to “attempted attacks” by Tehran. Those declines positioned the S&P 500 — currently experiencing a nine-week winning streak — lower for the week.

Keith Lerner observed that a sell-off is a typical occurrence after periods of robust performance. “I just think we’re due for a rest,” he said. “We’ve come a long way. Fundamentals are solid. Bull market still deserves a benefit of the doubt, but often markets are two steps forward, one step back. We’ve had three steps forward, so maybe at least a mini step back, or at least some sideways chop.”