Nasdaq Closes Lower as Chip Stocks Slide and Treasury Yields Rise
Wall Street ended lower on Monday due to a selloff in major technology and semiconductor stocks, with rising oil prices and Treasury yields adding pressure. The Nasdaq fell 0.6% while the S&P 500 dropped 0.5%. Concerns over AI development slowing down contributed to declines among chipmakers like Nvidia, Micron Technology, and Broadcom. The debate around AI took a new turn when President Donald Trump dismissed fears of AI taking over as a 'hoax' during an event where he spoke with Nvidia CEO Jensen Huang. Meanwhile, the 10-year Treasury yield briefly climbed above 5%, its highest level since 2023, increasing pressure on equity valuations ahead of key monetary policy decisions. In other market news, CrowdStrike and Rumble saw significant gains due to AI-related developments and a large computing deal with Anthropic. Several smaller companies also made announcements regarding board changes, drilling activities, and strategic partnerships.
Tickers: $AVGO $LBSR $NVDA $ORCL $TRRXF
Topics: AI stocks Dow Jones Nasdaq S&P 500 Treasury yields