US stocks slip as tech tumbles

A selloff in tech stocks sent the S&P 500 down 0.3% and Nasdaq 100 1% lower on Monday. Meanwhile, the small cap-focused Russell 2000 was virtually unchanged.

This soft start to the week comes after a long stretch of robust performance as major indexes recovered losses from the early August sell-off. 

But really, the S&P 500 seemed to be mostly dragged down by the most influential stocks. The tech sector ETF lost the most among all sectors on Monday, down 1.3%. The Magnificent Seven all fell except for Google, and Tesla lost 3.3%. The S&P 500’s advance-decline line was actually positive on the day; 31 more stocks rose than fell.

Investors appeared jittery ahead of Nvidia’s earnings on Wednesday, as chip stocks struggled today. Nvidia’s shares dropped 2.4%. Super Micro Computer was the worst-performing S&P 500 stock, down a whopping 8.3%. Micron and Broadcomwere also among the bottom five S&P 500 stocks, losing 3.8% and 4.1%, respectively. The VanEck semiconductor ETF slid 2.3%.

Conversely, energy was the best-performing S&P sector ETF, with a 0.9% gain as political turmoil in Libya removes supply from the market. The materials sector, up 0.4%, hit an all-time high earlier on Monday.