June 24 (Reuters) - The Nasdaq and S&P 500 closed lower on Wednesday, weighed down by technology stocks amid persistent concerns about high valuations, but lower crude oil prices provided support for airline and other travel stocks, and the Dow Jones closed higher.

Oil prices have fallen to their lowest levels since the start of the war with Iran, as more tankers are expected to leave the Strait of Hormuz. US President Donald Trump said that Iran has informed Washington that it is not demanding any fees.

The Standard & Poor's 500 Airlines Index rose.

Shares of technology companies declined, increasing focus on the earnings of chipmaker Micron Technology, which are due to be released after the market closes. The stock had surged more than 200 percent in 2026, but fell on Wednesday.

Shares of Cerebras Systems fell after the company, in its first report since its initial public offering, projected that its annual profit margins would drop below its first-quarter figures. OpenAI's announcement of its own proprietary "Jalapeno" in-house tracking chip also weighed on the stock.

Concerns about debt-fueled spending by giant corporations, and growing fears that the Federal Reserve (the US central bank) will pursue a tighter monetary policy, fueled the market's decline this week, wiping out more than $1 trillion in market capitalization from the Nasdaq 100.

Michael Monaghan, partner and portfolio manager at Founder ETFS, said, "The dialogue about the Middle East is nearing its end... and energy prices are falling."

He added, "But there is still an expansion in capital spending on artificial intelligence, where people, for some reason, like those who benefit from this spending, while they punish those who spend."

According to preliminary data, the S&P 500 lost 5.86 points, or 0.08 percent, to close at 7358.72, and the Nasdaq Composite lost 104.58 points, or 0.41 percent, to close at 25482.46. The Dow Jones Industrial Average rose 187.97 points, or 0.36 percent, to 51854.81.