Nasdaq Slips from Highs Amid Market Pressure

Wall Street finished lower on Monday as rising oil prices and renewed US-Iran tensions put investors on the defensive, while a surge in Treasury yields added another layer of pressure.

The Dow Jones fell 0.5% to 53,460, while the S&P 500 dropped 0.5% to 7,745 and the Nasdaq slipped 0.3% to 26,645.

Brent Crude Surges Above $90 a Barrel

Brent crude climbed above $90 a barrel as tensions involving Iran raised concerns about energy supplies and inflation. The 30-year Treasury yield reached around 5.3%, its highest level since 2007, keeping pressure on equity valuations.

Despite continued support from large-cap technology stocks and generally strong corporate earnings, the pullback came as investors now turn to a busy earnings slate, with Home Depot, Baidu, Klarna, and Pony AI due to report before Tuesday’s open.

Chip Stocks Rally Amid US Administration’s Stance on Chinese Suppliers

Shares of memory and storage chipmakers climbed Monday morning after reports that the U.S. administration is discouraging domestic tech companies from buying conventional memory chips from Chinese suppliers.

Micron Technology Inc (NASDAQ:MU) rose 5.7%, while Sandisk jumped 8.7%. Western Digital Corp (NASDAQ:WDC) gained 5.4% and Seagate Technology Holdings PLC (NASDAQ:STX) added 1.7%.

Busy Earnings Slate Ahead

Wall Street heads into the new week with a relatively light economic calendar, but investors will have plenty to watch as major retailers offer fresh clues on the health of the US consumer.

Home Depot kicks off the retail earnings slate Tuesday, followed by Target on Wednesday and Walmart on Thursday. Together, the reports should provide a useful snapshot of consumer spending as elevated borrowing costs, a sluggish housing market, and persistent price pressures continue to shape behavior.

Key Market Movers

• SpaceX Corp (NASDAQ:SPCX) is positioned for significant Starlink growth as UBS highlights the potential of its next-generation satellites and expanded ground-network strategy.
• New Era Energy & Digital (NASDAQ:NUAI) has secured key construction permits for its Texas Critical Data Centers project, reducing development risk and advancing its Phase 1 development plans.
• HIVE Digital Technologies Ltd (TSX:HIVE, NASDAQ:HIVE, FRA:YO0, BVC:HIVECO) has signed a five-year, approximately $350 million GPU cloud services agreement that is expected to generate about $70 million in annualized revenue and lift BUZZ HPC’s contracted and realized revenue base.

The PHLX Semiconductor Sector index climbed about 2.7% to $12,759, putting it on track to enter a new bull market.

Investors will have plenty to digest this week, with Home Depot, Target, and Walmart among the major retailers reporting results. Their earnings and outlooks could provide a fresh read on consumer spending and the resilience of the US economy.

On the economic calendar Monday, the Empire State Manufacturing Survey is due as well as the NAHB Housing Market Index.

Elsewhere, Berkshire Hathaway has increased its exposure to the US housing market, according to regulatory filings, while geopolitical headlines also remain in focus after President Donald Trump ordered a reduction in military drills with South Korea.