Declines in semiconductor stocks and geopolitical tensions weigh on US equities as investors monitor trade talks and sanctions.
The S&P 500 and Nasdaq opened lower as semiconductor stocks faced selling pressure in early trading. Memory chip makers Sandisk (SNDK) and Micron (MU) led declines amid reports the Trump administration may permit Apple (AAPL) to source chips from China’s CXMT, raising supply chain concerns.
Tech stocks (XLK) underperformed, mirroring overnight losses in Asian markets. Consumer staples (XLP) outperformed as investors sought defensive plays. Broader sentiment was cautious ahead of potential US sanctions on Iran and stalled US-Canada trade negotiations.
Notable movers included SpaceX (SPCX), Alibaba (BABA), and Marvell (MRVL), with traders monitoring volatility in chip-related equities.