Tech Pressures US Stock Indices

2026-05-18 17:15 By Andre Joaquim 1 min. read

Tech stocks slipped and pressured US equity indices on Monday, extending their pullback from record highs, while high energy prices maintained risks of higher inflation.

The S&P 500 and the Nasdaq dropped 0.3% and 1%, respectively, but the Dow was flat on strength for traditional sectors of the economy.

AI infrastructure companies were sharply lower as lower risk sentiment and lingering skepticism on the magnitude of AI spending growth trimmed the sector's rally from this year.

Micron, Applied Materials, and Sandisk dropped between 5% and 7%.

Additionally, Seagate plunged 8% after its rhetoric from its management cast doubt on the sustainability of memory chip demand.

Consistently, AI hyperscalers were lower with Tesla and Oracle dropping 3%.

Also, Nvidia shares retreated 2% ahead of its earnings this week, seen as a bellwether for AI demand globally.

Chevron, 3M, and Honeywell were sharply higher to support the Dow.



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