A coordinated selloff in AI and semiconductor stocks dragged the Nasdaq lower at Monday's open, as surging oil prices from escalating US-Iran hostilities reignited inflation fears and pushed investors to rotate out of growth names.
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Nasdaq falls 0.7% as AI stocks slide on Middle East oil shock
The Nasdaq Composite fell 0.7% at the open, while the S&P 500 slipped 0.3% and the Dow edged up 0.1%, as a rout in AI and chip stocks offset gains in energy shares.
"The combination of spiking crude and a hot sector that's priced for perfection creates a natural trigger for profit-taking," said Michael Wilson, chief equity strategist at Morgan Stanley. "The question is whether this is a one-day shakeout or the start of a broader rotation."
SK Hynix's US-listed shares plunged 9%, Micron Technology fell 5% and SanDisk dropped 6%, leading a broad semiconductor retreat. AMD and Intel each lost more than 4%, while optical networking names also slumped — Marvell Technology declined 5%, Corning fell 4% and Coherent shed 3%. The selloff extended to Asia earlier in the session, where Seoul's Kospi tumbled as much as 9%, with SK Hynix sinking 15% and Samsung Electronics losing 10%.
The tech rout coincided with a 3.5% surge in Brent crude to $78.68 a barrel after Iran expanded military strikes to Gulf nations, raising fears over energy shipments through the Strait of Hormuz. Gold slid 1.5% to $4,060 as the oil spike revived expectations that central banks may need to keep interest rates elevated to combat inflationary pressures.
Oil Shock Rattles Rate Expectations
The renewed hostilities followed an Iranian attack on a commercial ship in the Strait of Hormuz early Sunday, with the Revolutionary Guards declaring the waterway "closed until further notice" — a threat the US Central Command countered by stating the strait remained open to lawful transit. The US military launched a fresh wave of strikes after several Gulf allies were targeted, marking the latest escalation in a conflict that has already reshaped global energy markets this year.
"One can easily imagine the situation spiraling quite rapidly," said Fawad Razaqzada, a market analyst at Forex.com. "Of course, rhetoric can soften. We've seen that movie before. But for now, traders are forced to assume the worst."
The oil spike complicates the outlook for the Federal Reserve, which has been navigating between sticky inflation and slowing growth. Higher crude prices feed directly into headline inflation measures, potentially delaying rate cuts that growth-oriented tech stocks have been pricing in. The US 10-year Treasury yield moved higher as traders adjusted expectations, though the exact level was not immediately available at the open.
Earnings Season Looms
The selloff comes at a critical juncture for the AI trade, with earnings season set to deliver reports from Taiwanese chip giant TSMC and Dutch equipment maker ASML this week. Wall Street banks including JPMorgan, Bank of America and Goldman Sachs are also scheduled to report, providing a broader read on the economy.
IG analyst Fabien Yip said oil's return toward pre-war levels in June reflected markets pricing in a best-case outcome for the fragile US-Iran arrangement, and the "re-escalation exposes how fragile that assumption was." Near-term, she said, the risk premium should keep prices supported, though a repeat of the earlier spike appears unlikely given sluggish demand recovery and increased OPEC+ output.
This article is for informational purposes only and does not constitute investment advice.