US Stocks Mixed as Chip Sector Declines

US stocks saw mixed results on Monday, with the S&P 500 falling 0.3% and the Nasdaq Composite dropping 0.6%, while the Dow Jones Industrial Average rose 142 points or 0.3%. Technology stocks led the decline, particularly in the chip sector.

Micron Technology shares fell more than 6%, Advanced Micro Devices dropped about 3%, and Broadcom declined around 2%. The iShares Semiconductor ETF (SOXX) also plummeted almost 3% on Monday, following a 5.5% drop last week. Other technology stocks like Coherent and Lumentum fell more than 7% each, while Sandisk dropped 9%.

Nvidia was another major loser, with shares falling over 2%, putting it on track for its seventh straight day of losses. If this trend continues, it would be Nvidia's longest losing streak since September 2022.