US stocks mostly failed to rebound from a bruising start to the week for tech stocks, with the Dow Jones Industrial Average gaining 0.3% while the S&P 500 and Nasdaq Composite fell 0.1% and 0.4%, respectively. Oil prices plunged to levels not seen since early March, with Brent crude futures tumbling 4% to $73 a barrel and West Texas Intermediate crude futures dropping to near $70 a barrel as tankers began navigating the Strait of Hormuz amid uncertainty over US-Iran talks. Selling pressure in tech stocks resumed on worries about lofty valuations, massive spending, and coming interest rate hikes, prompting profit-taking in high-flying AI-linked names. Micron's earnings are due after the bell on Wednesday, with the memory chipmaker's shares extending losses from the prior session after rallying more than 250% this year.
Micron Technology IncAI jitters and profit-taking ahead of Micron earnings, with shares extending losses after a 250% rally.