S&P 500 Turns Negative as Semiconductor Sell-Off Offsets Oil-Driven Optimism

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4▲1 ▼3Impact / 5
Summary · why it matters

The S&P 500 slipped 0.2% into negative territory by midday Monday, erasing early gains driven by a sharp drop in oil prices, as a broad semiconductor sell-off weighed on the market. Brent crude fell about 6% to around $86.40 per barrel after the U.S. and Iran agreed to pause military strikes, easing inflation concerns and pushing Treasury yields lower. However, news that China's ChangXin Memory Technologies went public in Shanghai with a valuation near $490 billion and that a Shanghai firm began mass-producing DUV lithography machines triggered a rout in chip stocks, with ASML dropping more than 7%, Nvidia falling 4.3%, and Micron Technology losing roughly 5%. The Dow Jones Industrial Average held a 0.2% gain, while the Nasdaq Composite was off 0.5%. Mega-cap software and services stocks provided some support, with Microsoft up 2.3%, Alphabet adding 2.8%, and Apple gaining 1.3%.

Impact on assets 10

Artificial Intelligence▼ · 5 stocks
NVIDIA Corporation
NVDA
▼ NegativeCompetitionrelevance

News of Chinese chipmaking advances (CXMT IPO, DUV lithography) causes semiconductor sell-off, Nvidia down 4.3%.

Semiconductors▼ · 2 stocks
ASML Holding N.V.
ASML
▼ NegativeCompetitionrelevance

Shanghai firm mass-producing DUV lithography machines directly threatens ASML's monopoly, stock drops >7%.

Micron Technology Inc
MU
▼ NegativeCompetitionrelevance

CXMT's IPO and Shanghai firm's DUV lithography machine mass production trigger chip stock rout, with Micron falling ~5%.

Energy Transition & Power Demand▲ · 1 stocks
Others▲ · 1 stocks
CXMT Corporation
688825
▲ PositiveCapitalrelevance

CXMT went public in Shanghai with a valuation near $490 billion, a positive capital event for the company.

Others▲ · 1 stocks
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