Indexes closed lower with Nasdaq leading the decline as semiconductors sold off hard and Treasury yields pushed higher amid oil strength and lingering geopolitical tension.
SPY finished the session near 767.5, down roughly 0.7% from Monday’s close. QQQ absorbed the bulk of the pressure, closing near 717.5 for a decline of about 1.7%. IWM followed lower near 300.2, off more than 1.2%. Volume was orderly rather than capitulatory, consistent with a measured risk-off rotation rather than panic. The S&P 500 itself settled around 7,699–7,700 after testing recent highs earlier in the month.
Energy stood out as relative strength while technology and semiconductors absorbed the heaviest distribution. The Energy Select Sector SPDR (XLE) advanced as crude firmed on continued uncertainty around the Strait of Hormuz and stalled diplomatic progress. Communication Services and Consumer Staples lagged. Semiconductor names, including memory and related suppliers, led the downside with the broader chip complex down sharply; that pressure spilled into the Nasdaq 100 and related growth vehicles. Outside the major indexes, leadership remained selective—defensive pockets and energy held up better than high-duration growth.
Notable individual movers included energy producers and midstream names that benefited from the oil move, alongside a handful of liquid biotech and industrial names that posted outsized gains on company-specific catalysts. Western Digital, Sandisk, Marvell, and Seagate were among the more visible semiconductor laggards, illustrating the concentrated nature of the day’s selling. Amylyx Pharmaceuticals (AMLX) was a standout gainer on the upside, though the broader tape remained dominated by the index-level rotation rather than widespread breadth expansion.
