US Stocks Drift Lower as AI Memory Frenzy Continues Amid Bond Market Uncertainty

The US stock market experienced a mixed day on Monday as a sharp increase in AI memory and optical names was offset by a decline in other sectors.

The S&P 500 index fell 0.2% to 7,772.93, while the Dow Jones Industrial Average dropped 172 points or 0.3% to 53,560.

A key driver of the market's performance was a surge in memory and optical stocks, with SanDisk Corporation rising by 10%, Micron Technology Inc. jumping 6% after a bullish note from Bank of America, and shares in Commerce Secretary Howard Lutnick saying Apple should not source DRAM and NAND from Chinese suppliers.

The Roundhill Memory ETF was up 7% in the session, while the VanEck Gold Miners ETF surged 2.7%, extending its month-to-date run to 24.7%.