Nasdaq Falls for Fifth Straight Session as Micron Slides 6.69%

Major U.S. stock indexes closed lower on June 26 as investors continued taking profits in technology shares. Losses were limited as bargain hunters stepped in.

The Dow Jones Industrial Average fell 44.51 points, or 0.09%, to 51,876.11. The S&P 500 slipped 3.47 points, or 0.05%, to 7,354.02. The tech-heavy Nasdaq Composite dropped 60.99 points, or 0.24%, to 25,297.62.

The Nasdaq fell for a fifth straight session.

Memory-chip stocks led the decline. Micron Technology had surged a day earlier on strong earnings, but worries surfaced that rising memory-chip prices could weaken demand from downstream industries. Apple highlighted those concerns by raising prices on key products. Micron fell 6.69%, while the Philadelphia Semiconductor Index dropped about 5.3%.

News that ChatGPT developer OpenAI is considering delaying its initial public offering until next year also weighed on sentiment toward technology stocks.

Oil prices tumbled as concerns about supply shortages eased amid increased traffic through the Strait of Hormuz and the resumption of shipments from Saudi Arabia. Front-month West Texas Intermediate crude futures on the New York Mercantile Exchange fell 3.74% to $69.23 a barrel.

Treasury yields also declined. The yield on the 10-year U.S. Treasury fell 2 basis points to 4.37%. CME Group's FedWatch tool showed a 29.9% probability of a 0.25 percentage-point rate increase at the July Federal Open Market Committee meeting and a 47.2% probability of a 0.25 percentage-point increase at the September meeting.

Gold rose. Spot gold gained 1.1% to $4,071.81 an ounce.

Bitcoin traded at $59,755.62, up 0.7% from a day earlier, while Ether rose 1.1% to $1,575.93. Both rebounded after extending earlier losses.