Semiconductors slump, dragging down stocks

Chip stocks slumped, dragging down the S&P 500 and Nasdaq 100, as AI-linked names lost steam. Oil prices fell on optimism over a potential peace deal reopening the Strait of Hormuz. Moderna rose on organizational changes, while optics companies sank amid the AI rout.

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.