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US stock indices closed lower on Monday, pressured by renewed weakness in chipmakers and a worsening macroeconomic backdrop. The S&P 500 fell 0.8%, the Nasdaq 100 dropped 1.9%, and the Dow Jones Industrial Average declined 138 points.
Semiconductor stocks led the sell-off amid persistent concerns that major AI hyperscalers may have to scale back capital spending on AI infrastructure. SK Hynix ADRs slumped 8.6% after surging 13% in their debut on Friday, following a warning from a Korean brokerage that the company could miss its next earnings estimates. Nvidia lost 3.5%, Broadcom declined 4%, AMD retreated 4.2%, and Intel fell 6.1%. Memory producers also came under pressure, with Sandisk dropping 12.6% and Micron sliding 4.3%.
Broader equity markets and US Treasuries weakened after President Trump said the US would reinstate a blockade of Iranian ships in the Strait of Hormuz, further escalating regional tensions and heightening concerns over energy-driven inflation.
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Financials also moved lower ahead of this week’s earnings reports. JPMorgan slipped 0.6%, Bank of America fell 0.3%, and Goldman Sachs declined 0.9%.
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