Key Takeaways
Tech Wreck: The Nasdaq Composite led market declines, dropping -1.78% as investors aggressively rotated out of AI and semiconductor stocks.
Sector Rotation: While Technology (-2.14%) and Industrials (-1.66%) lagged, the Energy sector surged (+2.12%) alongside defensives.
The AI Unwind: Major names like Nvidia, AMD, Palantir, and Oracle saw heavy selling pressure, with many down over 5%.
After-Hours Catalyst: Micron Technology (MU) smashed earnings expectations after the bell, potentially putting a floor under the falling chip sector.
Market Overview: A Sea of Red for Growth
Wall Street closed firmly in the red today, with growth stocks bearing the brunt of the selling pressure. The major indices stumbled as the "risk-off" sentiment that plagued the session accelerated into the close.
Dow Jones Industrial Average (DJI): Down -243.51 points (-0.51%) to 47,870.75.
S&P 500 (SPX): Down -78.34 points (-1.15%) to 6,721.92.
Nasdaq Composite (IXIC): The biggest loser, falling -410.71 points (-1.78%) to 22,700.75.
Russell 2000 (RUT): Small caps were not spared, dipping -28.72 points (-1.14%) to 2,490.58.
Sector Watch: Energy Shines While Tech Bleeds
The divergence between sectors was stark today.
The Laggards: Information Technology (S5INFT) was the worst-performing sector, plunging -2.14%, followed closely by Communication Services and Industrials (S5INDU), which fell -1.66%.
The Leaders: Energy stocks bucked the trend significantly, with the Energy sector (SPN) rallying +2.12%. Materials (S5MATR) and Consumer Staples also managed to eke out gains, highlighting a defensive rotation by portfolio managers.
The Losers: AI & Chip Stocks hammered
The selling was concentrated in the high-flying names that have led the bull market for months. Traders appeared to be taking profits—or heading for the exits—in the semiconductor and AI infrastructure space.
Nebius NV (NBIS): -6.79%
Super Micro Computer (SMCI): -5.64%
ASML (ASML): -5.64%
Palantir (PLTR): -5.58%
Oracle (ORCL): -5.46% (Hitting fresh lows)
AMD: -5.27%
Tesla (TSLA): -4.57%
Broadcom (AVGO): -4.48%
The Winners: Defensives & Earnings Plays
Not everything was selling off. Money found its way into "safe haven" defensive stocks and select earnings winners.
Occidental Petroleum (OXY): +4.39% (Leading the energy charge)
Chipotle (CMG): +3.80%
General Mills (GIS): +3.45% (Classic defensive play)
GameStop (GME): +3.37%
Gilead Sciences (GILD): +2.18%
Adobe (ADBE): +1.91%
After-Hours Spotlight: Micron (MU) to the Rescue?
Just as the sentiment seemed bleakest for tech investors, Micron Technology (MU) released its Q1 2026 earnings report immediately after the closing bell, delivering a significant beat that could stabilize the sector tomorrow.
Adjusted EPS: $4.78 (vs. expectation of $3.84)
Revenue: $13.6 Billion (vs. expectation of $12.78 Billion)
Micron's strong performance suggests that demand for memory chips—driven by the very AI data center buildout that investors were selling today—remains robust. Traders will be watching closely to see if this result can spark a relief rally in Nvidia, AMD, and Broadcom during tomorrow's session.
Shares of Micron are up 6.65% in after-hours trading. Nvidia is up 0.39%, Broadcom is trading up 0.55%, Intel is up 0.36%, and AMD is up 0.51%. On the day, Micron tumbled -2.93%, Nvidia was down -3.81%, Broadcom was down -4.48%, Intel is down -3.38%, and AMD was down -5.29%.
