US stocks opened lower on Monday, with technology shares leading the decline as chipmakers came under selling pressure.
Shortly after the opening bell, the S&P 500 was down 0.29% at 7,553.16, while the Nasdaq Composite slipped 0.88% to 26,050.65. The weakness in semiconductor stocks weighed on broader technology shares, with Micron Technology falling around 7% in early trade.
Elsewhere across asset classes, the Bloomberg Dollar Spot Index was little changed, indicating limited movement in the greenback.
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Bitcoin declined 2.5% to $62,583.67, while the yield on the benchmark 10-year US Treasury rose 2 basis points to 4.58%, reflecting a modest move higher in bond yields.
In commodities, WTI crude advanced 3.2% to $73.71 a barrel, whereas spot gold dropped 1.4% to $4,061.71 an ounce.
Chipmakers were among the biggest drags on the market after SK Hynix's US-listed shares slumped 7% following their Nasdaq debut on Friday, when the stock had surged 13%.
The weakness spread across the sector, with Micron Technology falling about 7%, SanDisk dropping 10%, and Seagate Technology losing 6%. Advanced Micro Devices (AMD) and Intel also traded roughly 4% lower.
Markets were also digesting a fresh escalation in the conflict between the US and Iran after both sides exchanged airstrikes over the weekend, raising concerns over the security of the Strait of Hormuz, a critical route for global oil shipments.
Iran claimed it had closed the Strait of Hormuz, though US President Donald Trump disputed the assertion, saying commercial shipping continued through the waterway. US Central Command also said the strait remained open for lawful maritime transit.
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Oil prices climbed as investors assessed the developments, though gains eased from overnight highs. West Texas Intermediate crude rose about 3% to $73.7 a barrel, while Brent crude advanced around 3% to $78.5 a barrel.
According to FactSet, analysts expect S&P 500 companies to post more than 23% year-on-year earnings growth for the second quarter.Technology will remain in focus as investors look for signs that artificial intelligence spending continues to support corporate earnings.
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