Wall Street’s two most-watched indexes closed in the red on Monday as technology stocks dragged down the broader market. The S&P 500 fell 21.37 points, or 0.28%, to settle at 7,653.00, while the Nasdaq Composite took a harder hit, dropping 200.80 points, or 0.77%, to close at 25,979.66.
The culprit was a familiar one: semiconductors. The Philadelphia Semiconductor Index, which tracks the industry’s heavyweights, slid 2.64% on the day.
Chip stocks take the brunt
Nvidia, the company whose earnings report has become something of a quarterly market holiday, fell 2.03% ahead of its scheduled August 26 results. Micron Technology dropped 5.76%, the sharpest decline among major semiconductor names. Broadcom shed 1.74%.
Nvidia’s second-quarter fiscal 2027 earnings are expected to show revenue of roughly $92 billion and earnings per share of $2.09.
