U.S. stock futures fell on Wednesday after President Donald Trump signaled that Iran negotiations were taking “too long” and threatened more action. S&P 500 futures and Nasdaq 100 futures shed 0.5% and 0.7%, respectively. Futures tied to the Dow Jones Industrial Average fell by 257 points, or 0.5%. Trump wrote Wednesday morning that Iran has “taken too long to negotiate a deal that would have been great for them; now they will have to pay the price!!!” Tensions in the Middle East ramped up again on Tuesday evening, after U.S. forces launched strikes against Iran “in response to yesterday’s downing of a U.S. Army Apache helicopter,” U.S. Central Command said. Trump had earlier accused Iran of shooting down the helicopter, which he said was patrolling over the Strait of Hormuz. Chip stocks came under pressure once again in early trading, also hitting futures. Shares of Micron Technology, Advanced Micro Devices, and Broadcom were lower in early trading, with chip stocks now seeing losses in four of the last five sessions. The iShares Semiconductor ETF was down by 3% in premarket trading following a rollover on Tuesday. Chip stocks were pummeled to end last week, culminating in a 10% decline for the ETF on Friday. The group then rebounded slightly Monday before the selling returned. The stocks are coming under pressure ahead of the SpaceX IPO on Friday, with some traders believing that investors, especially smaller retail participants, are shedding some of their hot chip stock winners to make room for the largest IPO ever in their portfolios. Others believe the weakness is just profit taking after such a rapid run. The chip ETF is still up more than 86% this year. Equity futures were off the lows after May’s core consumer price index reading, which excludes food and energy prices, was a bit lighter than expected. For the month, core CPI came in at 0.2%, below the 0.3% estimate, according to the Bureau of Labor Statistics. Compared to a year ago, core CPI stood at 2.9%, in line with expectations. Still, the headline annual inflation rate climbed above 4% for the first time in three years. In regular trading Tuesday, chip stocks dragged the S&P 500 and Nasdaq Composite lower by 0.26% and 0.97%, respectively. On the other hand, the blue-chip Dow rose 86.10 points, or 0.17%. Tuesday’s rout was an extension of last week’s pullback, which followed a rally driven by artificial intelligence. “If we’re talking about the substance of what we’ve seen over the past few weeks, it’s really been concentrated in that memory semiconductor area that’s lifted the market. It’s been the real force behind everything, and really it’s run so hard that it feels very toppy at this moment,” said Marta Norton, chief investment strategist for Empower Investments, on CNBC’s “Closing Bell: Overtime” on Tuesday afternoon. “So, does this mean that there’s some sort of fundamental deterioration?” she added. “I’m not so sure about that, but certainly there seems to be stretched sentiment that we’re getting some sort of correction too.” The U.S. 10-year Treasury yield held steady Wednesday as investors pored through the latest data showing inflation at its highest in three years, though some pricing pressures weren’t as bad as feared. The yield on the 10-year Treasury note—the main benchmark for mortgages, auto loans, and credit card debt—was little changed at 4.534%. Shorter- and longer-dated maturities were also steady. The yield on the 2-year Treasury note, which closely tracks short-term Federal Reserve interest rate decisions, was unchanged at 4.131%. The 30-year Treasury yield, which traditionally reacts more to geopolitical events, also stood still at 5.013%. Asia-Pacific markets closed mostly lower Wednesday, with South Korea’s Kospi leading regional losses amid a tech sell-off and Middle East tensions. Japan’s Nikkei 225 fell 1.89% to 64,179.27, while South Korea’s Kospi slumped 4.52% to 7,730.82. The Hong Kong Hang Seng Index was trading 0.77% lower in its last hour of afternoon trade, while Mainland China’s CSI 300 lost 1.11% to 4,748.59. Australia’s benchmark S&P/ASX 200 bucked the broader trend, dropping 0.57% to 8,653.30. Oil prices shot higher Wednesday after U.S. President Donald Trump declared that Iran will “pay the price” for being too slow to negotiate a peace deal. U.S. crude oil futures for July delivery jumped nearly 2% to $89.72 per barrel as of 7:15 a.m. ET, while Brent futures, the international benchmark, for August delivery rose 1.3% to $92.74 per barrel. Gold fell more than 1% on Wednesday to hit an 11-week low, as the dollar and oil prices rose on renewed hostilities between the United States and Iran, fuelling concerns about inflation and interest rate hikes. Spot gold lost 1.8% to $4,187.59 per ounce by 0230 GMT, hitting its lowest level since March 23. U.S. gold futures for August delivery were down 1.7% at $4,213.40. The dollar rose, making greenback-priced bullion more expensive for holders of other currencies.