Chip Stocks Weigh on Markets, S&P Slumps
August 24,2026 10:16 AM EST
The S&P 500 fell slightly on Monday as a drop in key technology stocks overshadowed a move lower in Treasury yields.
The Dow Jones Industrials zoomed 171.29 points to 53,448.30.
The much-broader index flopped 21.18 points to 7,653.19.
The NASDAQ Composite sank 206.33 points to 25,970.43.
Declines in chip stocks weighed on the broader market. Micron Technology shed more than 6%, while Advanced Micro Devices and Broadcom pulled back 3% and around 2%, respectively.
Other tech stocks fell as well. Coherent and Lumentum dropped more than 7%, while Sandisk dropped 9%. Corning moved down 4%, while Seagate Technology declined 6%.
Treasury yields moved lower after reports that the Treasury may use the General Account to fund a buyback operation. The 10-year Treasury note yield fell 3 basis points to 4.708%. The yield on the 30-year Treasury bond, which topped 5.3% last week to reach levels not seen in nearly 20 years, shed more than 3 basis points to 5.237%.
The report comes after Treasury Secretary Scott Bessent told the media last week that the Treasury Department’s plans to at least double the level of government debt buybacks in the next few months could be larger than the $4 billion that was announced earlier that week.
Prices for the 10-year Treasury strengthened, lowering yields to 4.70% from Friday’s 4.73%. Treasury prices and yields move in opposite directions.
Oil prices skidded $1.31 to $85.75 U.S. a barrel.
Gold prices spiked $51.10 to $4,731.70 U.S. an ounce.
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