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:
Modernawas one of the best performers in the S&P 500 after announcing organizational changes in preparation forpotential product launchesin 2027 and 2028.Memory stocks
Western DigitalandSeagate Technology Holdingswere bright spots amid the AI rout.Lionsgatejumped on a rumor thatNetflixis in talks to acquire the studio.Eos Energy Enterprisessurged on thecommercial launch of its second battery production line.Imaxclosed at a fresh all-time high after the UK’s largest screen sold arecord-breaking 28,000 ticketsfor Christopher Nolan’s “The Odyssey” in 24 hours.Yum! Brandsedged up afterselling its Pizza Hut chainto private equity firm LongRange Capital for $2.7 billion.HYPE, the native token powering perpetuals exchange Hyperliquid and its underlying blockchain, rebounded toreclaim its all-time highpreviously set at the start of the month.
Moving lower:
Optics companies
Applied Optoelectronics,Lumentum, andCoherentsank as the AI trade lost steam.Olindropped after announcing anall-stock acquisition of Huntsmanin a deal valued at $2.4 billion.Huntsmanalsosank on the news.