Nasdaq Falls 0.7% as Chip Stocks Slide and Oil Surges

Price ActionCommodityMacro Impact 4

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The Nasdaq Composite fell 0.7% on Monday as semiconductor stocks extended losses following a historic sell-off in Seoul, while oil prices surged more than 3% amid renewed tensions in the Strait of Hormuz. The S&P 500 and Dow Jones Industrial Average held their losses to 0.3% and 0.2%, respectively, reflecting a split market that favored less capital-intensive businesses. SK Hynix plunged 15% in its worst day on record, triggering circuit breakers on the KOSPI index for the 35th time this year, and its U.S.-listed shares fell 8.4% below the IPO price. Micron Technology dropped 4.3%, contributing to broad semiconductor weakness that left 17 of the 20 largest Nasdaq Composite movers in negative territory. The sell-off comes as third-quarter earnings season begins this week with major banks including JPMorgan Chase, Bank of America, and Goldman Sachs reporting results, which could either reverse the downturn or deepen it depending on chip companies' guidance.