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The Nasdaq Composite witnessed a sharp sell-off on Thursday, plunging more than 2.5% in early trade and erasing nearly $760 billion in market valueas investor sentiment deteriorated rapidly amid escalating geopolitical tensions involving Iran and heavy selling in large-cap technology stocks.

The tech-heavy index turned sharply lower after a mostly positive start to the session, with risk appetite fading as global tensions intensified. Iran warned it would respond “like never before” to any potential attack, while the European Union confirmed its decision to label Iran’s Islamic Revolutionary Guard Corps (IRGC) a terrorist organisation. Adding to concerns, Iran announced plans to conduct naval drills in the Strait of Hormuzraising fears of broader regional instability.

Technology stocks led the decline, with Microsoft plunging over 11% after reporting a slowdown in cloud growth, dragging the broader Nasdaq lower. The sharp fall in one of the index’s largest constituents triggered widespread selling across the tech sector, amplifying losses.

The sell-off was also driven by profit booking on huge volumesfollowing a strong rally in US equities in recent weeks. As prices began to slide, stop-loss triggers and forced liquidation accelerated the decline, resulting in a swift erosion of market value.

The Nasdaq’s sharp fall came alongside steep losses across other asset classes, including precious metals and cryptocurrencies, highlighting a broad risk-off move across global markets.

With volatility elevated and geopolitical uncertainty rising, investors remain cautious, closely watching developments in the Middle East and further cues from the technology sector in the sessions ahead.