Wall Street consolidates after record highs amid geopolitical tensions, while AI startups surge in valuation and tech stocks show mixed performance

US stocks declined Wednesday as investors took profits after a series of record highs in recent weeks, with increased uncertainty surrounding economic outlook tempering market enthusiasm.

Oil prices reached their highest levels in over a week, driven by a sixth consecutive weekly drop in US crude supplies and concerns that prolonged Hormuz Strait closure could further tighten supplies.

Geopolitical tensions escalated in the Gulf region as Iran attacked Kuwait's airport while the US military conducted strikes near the Hormuz Strait, creating uncertainty for energy markets and global trade.

AI music startup Suno raised over $400 million in funding at a $5.4 billion valuation, reflecting continued investor appetite for artificial intelligence companies despite broader market caution.

AT&T shares fell to their worst level in 8 months as analysts highlighted growing competitive risk from SpaceX's satellite internet ambitions to the telecommunications industry.

Semiconductor company Marvell Technology's stock surged to levels unseen in 25 years, pushing its market capitalization to $269 billion and making it the No. 22 company in the Nasdaq-100.

Pakistan's coalition government is preparing to unveil its federal budget for fiscal year 2026-27 on June 10, with key allies agreeing on the date ahead of presentation to the Prime Minister.

A 69-year-old furniture store chain filed for Chapter 11 bankruptcy, and a global fashion retailer announced it will close all stores after 33 years of operations, signaling challenges in traditional retail.

SpaceX priced its highly anticipated IPO at $135 per share, moving forward with its public market debut despite skepticism from some Wall Street observers.

Venezuela's interim President Delcy Rodriguez visited India to strengthen bilateral cooperation on energy and trade, as India seeks to diversify its oil import sources.