The Dow bucked the trend, finding support in travel and transport sectors as lower fuel costs offered a reprieve. This divergence underscored growing anxiety surrounding high-flying tech valuations. Market sentiment soured further following disappointing margin projections from Cerebras Systems and preemptive caution ahead of Micron Technology’s earnings report. These corporate headwinds arrived alongside persistent investor fears regarding the Federal Reserve’s interest rate trajectory.
Contrasting with the tech malaise, homebuilder stocks surged after President Trump signaled a block on pending bipartisan housing legislation. Investors are now pivoting their focus toward Thursday’s release of the Personal Consumption Expenditures Price Index, hoping the data will clarify the Federal Reserve’s next move. Meanwhile, geopolitical pressure on energy markets eased as tanker traffic through the Strait of Hormuz remained uninterrupted, with the White House confirming that Iran had abandoned demands for transit tolls.
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