Tech Stocks Plummet as Nvidia Extends Losing Streak to Seven Sessions
US stocks closed mixed on Monday as technology shares plummeted, dragging major indexes lower. Nvidia extended its losing streak to seven consecutive sessions, falling 2.9%, while Micron Technology and Broadcom dropped 5.8% and 2.6%, respectively.
The weakness in AI-related technology stocks weighed heavily on both the S&P 500 and NASDAQ Composite. The Philadelphia Semiconductor Index also declined due to the selling pressure across the technology sector.
Growing concerns about regulatory pressure on AI data centers from lawmakers added to investor anxiety, while financial stocks moved higher, with JPMorgan Chase and Visa contributing to the Dow's gain.
The Treasury Department announced 'Operation Economic Outcast', a plan to cut off Iran's access to digital assets, technology, gold, aviation, and shipping. This move led to a decline in international oil prices and a weakening dollar.