Overview
- The Nasdaq Composite fell 0.60% to 26,445.45 as losses in big technology names outweighed gains in chip and AI-infrastructure stocks.
- Nvidia and semiconductor-related firms including ASML and Lam Research posted gains that helped cushion the market but did not stop the overall decline.
- Large single-stock moves drove volatility with Alphabet down about 3.8% and On Holding plunging roughly 20%, while AppLovin, Datadog, Dell, Oracle, and Adobe also posted notable drops.
- Renewed oil-price risk tied to the Strait of Hormuz and weaker prospects for a U.S.-Iran deal kept traders cautious by raising the chance of higher inflation and rising Treasury yields that hurt long-duration tech shares.
- Market attention is squarely on upcoming U.S. CPI and PPI readings because stronger inflation would likely push yields higher and tighten Federal Reserve policy expectations while softer prints could relieve pressure on growth stocks.