Semiconductors slump, dragging down stocks
The S&P 500 and Nasdaq 100 fell as chip stocks and AI-linked names lost steam. Oil prices slid on the prospect of the Strait of Hormuz reopening.
A slide in chip stocks dragged down the S&P 500 and Nasdaq 100. The Russell 2000 also dropped. Oil prices continued to slide on optimism that a peace deal will allow more crude to return to global markets.
Information technology was today’s worst performer, and the only sector to underperform the S&P 500, while financials fared the best.
Moving higher:
Moderna was one of the best performers in the S&P 500 after announcing organizational changes in preparation for potential product launches in 2027 and 2028.
Memory stocks Western Digital and Seagate Technology Holdings were bright spots amid the AI rout.
Lionsgate jumped on a rumor that Netflix is in talks to acquire the studio.
Eos Energy Enterprises surged on the commercial launch of its second battery production line.
Imax closed at a fresh all-time high after the UK’s largest screen sold a record-breaking 28,000 tickets for Christopher Nolan’s “The Odyssey” in 24 hours.
Yum! Brands edged up after selling its Pizza Hut chain to private equity firm LongRange Capital for $2.7 billion.
HYPE, the native token powering perpetuals exchange Hyperliquid and its underlying blockchain, rebounded to reclaim its all-time high previously set at the start of the month.
Moving lower:
Optics companies Applied Optoelectronics, Lumentum, and Coherent sank as the AI trade lost steam.
Olin dropped after announcing an all-stock acquisition of Huntsman in a deal valued at $2.4 billion. Huntsman also sank on the news.
