Cerebras Systems led the tech decline, tumbling 19.6% after the firm warned of shrinking profit margins in its first post-IPO report. Investors also reacted to OpenAI’s unveiling of its Jalapeño inference chip, which intensified concerns over competitive pressure within the sector. Micron Technology provided a brief glimmer of resilience; although shares dipped 0.3% during regular hours, they rallied in after-market trading following an earnings report that outperformed analyst expectations.
Energy markets signaled a broader shift as oil prices hit their lowest levels since the onset of the Iran conflict. President Donald Trump eased supply fears by confirming Iran would not impose tolls on tankers traversing the Strait of Hormuz. This cooling in energy costs bolstered the industrial sector, which outperformed in six of the eleven major S&P 500 categories.
Market participants remain hyper-focused on debt-financed spending among hyperscalers and the prospect of further Federal Reserve rate hikes. Caution persists as the street prepares for Thursday’s release of the Personal Consumption Expenditures Price Index. With declining issues outpacing advancers on both the NYSE and Nasdaq, the session underscored a fragile sentiment defined by persistent economic uncertainty.
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