Nasdaq sinks – The Nasdaq Composite fell for a second straight day, weighed down by a selloff in memory chips after remarks from Seagate’s CEO raised fresh doubts about how quickly new factory capacity can reach the market. Investors also tracked firmer oil prices and higher
Traders headed into the start of the week with oil prices on their screens and bond yields ticking higher in the background. By the close, the day’s message was blunt: tech was dragging the market down again, and the Nasdaq paid for it.
The Nasdaq Composite fell 0.51% to close at 26,090.73 and the broad S&P 500 dropped 0.07% to 7,403.05. Both indexes marked a second straight day of declines. The Dow Jones Industrial Average, however, finished higher—up 159.95 points, or 0.32%, to 49,686.12.
The pressure came from the technology trade, with memory chips leading the decline. Seagate slid nearly 7% after its CEO said during a JPMorgan conference that new factories would “take too long.” That comment sent the sector deeper into doubt and pulled Micron Technology down by almost 6%.
Seagate and Micron were not alone. Western Digital fell 4.8%, and Sandisk dropped 5.3%.
Other AI-linked names also turned weaker. Nvidia and Broadcom both fell 1%.
The day’s slide landed during a moment when markets had been pushing higher elsewhere. The S&P 500 and Nasdaq had posted fresh record highs last week, while the Dow briefly reclaimed the 50,000 level. But the rebound didn’t hold—especially after Friday’s moves.
On Friday, major averages suffered a setback as sovereign bond yields around the world rose.. The U.S.. 30-year Treasury bond yield hit its highest level in around a year, while the 10-year Treasury yield was little changed.. In the U.K.. the 30-year Gilt yield rose to levels not seen since the late 1990s. and long-dated Japanese bond yields also moved higher.. Tech, which had been helping drive record highs, took the brunt of the yield spike.. The Nasdaq-100 index dropped 1.5% on Friday, its worst one-day performance since March 27.
All of that unfolded while investors continued to watch escalating tensions between Iran and the U.S.. Those tensions have kept oil prices elevated, even as the next step remains unclear.. West Texas Intermediate futures gained roughly 3% to settle at $108.66 per barrel. and Brent crude finished up more than 2% at $112.10 a barrel.
The lift in crude ran into a political snag earlier this week.. Monday brought a signal from President Donald Trump. who posted on Truth Social that he was holding off on an attack on Iran planned for Tuesday.. He said the decision was made at the request of Qatar, Saudi Arabia and the United Arab Emirates.. Their leaders said “serious negotiations are now taking place” that could lead to a deal that is “very acceptable” to the U.S.
The pressure behind the scenes didn’t disappear. On Sunday, Trump said Iran had to “get moving” or there “won’t be anything left.”
Even with oil supported by the regional tension, the bond and rate outlook remained another drag for stocks.. New inflation data released last week made a faster move toward rate cuts by the Federal Reserve a long shot.. Ben Fulton. CEO of WEBs Investments. told CNBC that “There’s truly inflationary problems. ” calling elevated oil prices a “watershed” issue.. He added, “It’s going to be hard to see that offset.”
Fulton’s view was that stocks may have to live with uncertainty for longer. especially if Middle East developments don’t bring relief—particularly around the Strait of Hormuz.. He said stocks could end up stuck in a “heavy range trade” from here on out without positive developments. and added. “I could see people starting to protect profits pretty quick.”
That’s the market’s tense balancing act right now: tech’s record-run momentum has stumbled, chipmakers are absorbing renewed doubts about how fast demand can be met, and investors are watching oil and yields for the next sign of whether the pressure eases—or keeps building.
Nasdaq Micron Technology Seagate memory chips S&P 500 oil prices West Texas Intermediate Brent Iran United States bond yields Treasury Federal Reserve inflation data WEBs Investments Ben Fulton