# Semiconductors slump, dragging down stocks > Source: > Published: 2026-06-16 20:05:03+00:00 # 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](https://sherwood.news/markets/oil-tumbles-below-80-to-three-month-low-on-us-iran-deal/). 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](https://robinhood.com/us/en/stocks/MRNA/?source=sherwood)was one of the best performers in the S&P 500 after announcing organizational changes in preparation for[potential product launches](https://www.reuters.com/legal/litigation/moderna-announces-executive-changes-ahead-potential-launches-2026-06-16/)in 2027 and 2028.Memory stocks [Western Digital](https://robinhood.com/us/en/stocks/WDC/?source=sherwood)and[Seagate Technology Holdings](https://robinhood.com/us/en/stocks/STX/?source=sherwood)were bright spots amid the AI rout.[Lionsgate](https://robinhood.com/us/en/stocks/LION/?source=sherwood)jumped on a rumor that[Netflix](https://robinhood.com/us/en/stocks/NFLX/?source=sherwood)[is in talks to acquire the studio](https://sherwood.news/markets/lionsgate-closes-higher-on-netflix-acquisition-rumor/).[Eos Energy Enterprises](https://robinhood.com/us/en/stocks/EOSE/?source=sherwood)surged on the[commercial launch of its second battery production line](https://sherwood.news/markets/eos-energy-surges-on-commercial-launch-of-second-battery-production-line/?utm_source=robinhood).[Imax](https://robinhood.com/us/en/stocks/IMAX/?source=sherwood)closed at a fresh all-time high after the UK’s largest screen sold a[record-breaking 28,000 tickets](https://deadline.com/2026/06/christopher-nolan-the-odyssey-breaks-bfi-imax-records-1236957262/)for Christopher Nolan’s “The Odyssey” in 24 hours.[Yum! Brands](https://robinhood.com/us/en/stocks/YUM/?source=sherwood)edged up after[selling its Pizza Hut chain](https://www.cnbc.com/2026/06/16/yum-brands-sells-pizza-hut-to-private-equity-firm-longrange-capital-for-2point7-billion.html)to private equity firm LongRange Capital for $2.7 billion.[HYPE](https://robinhood.com/us/en/crypto/HYPE/?source=sherwood), the native token powering perpetuals exchange Hyperliquid and its underlying blockchain, rebounded to[reclaim its all-time high](https://sherwood.news/crypto/hyperliquid-reclaims-all-time-high/)previously set at the start of the month. **Moving lower:** Optics companies [Applied Optoelectronics](https://robinhood.com/us/en/stocks/AAOI/?source=sherwood),[Lumentum](https://robinhood.com/us/en/stocks/LITE/?source=sherwood), and[Coherent](https://robinhood.com/us/en/stocks/COHR/?source=sherwood)sank as the AI trade lost steam.[Olin](https://robinhood.com/us/en/stocks/OLN/?source=sherwood)dropped after announcing an[all-stock acquisition of Huntsman](https://www.reuters.com/legal/transactional/olin-buy-huntsman-amid-challenging-chemicals-market-2026-06-16/)in a deal valued at $2.4 billion.[Huntsman](https://robinhood.com/us/en/stocks/HUN/?source=sherwood)alsosank on the news.