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S&P 500, Nasdaq Ends Lower As AI Gameplay Loses Steam, Dow Inches Higher — NVDA, DELL, NEE, UBER, STX In Focus

Memory chip stocks drag down Nasdaq, while elevated crude oil and Treasury yield levels affect broader sentiment.

The NASDAQ MarketSite in Times Square is seen November 20, 2006 in New York City. (Photo by Spencer Platt/Getty Images)

Shashank Nayar·Stocktwits

Published May 18, 2026 | 5:59 PM EDT

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The S&P 500 and the Nasdaq 100 fell 0.1% and 0.5%, respectively, while the Dow Jones rose 0.3%.
President Donald Trump said in a Truth Social post Monday that he is holding off on an attack on Iran.
Micron Technology, along with other memory stocks, led declines.

The S&P 500 and Nasdaq indices fell on Monday, led by declines in mega-cap technology stocks, specifically memory stocks, as investors assessed the supply-demand mismatch in memory capacities as AI spending takes center stage, while positive commentary related to the US-Iran war helped the Dow.

The S&P 500 fell 0.1%, the Nasdaq lost 0.5%, and the Dow Jones gained 0.3%. The Russell 2000, which tracks stocks with small market capitalizations, fell 0.7%, the index's second consecutive day in the red.

Among ETFs tracking benchmark indexes, the SPDR S&P 500 ETF (SPY) fell 0.1%, and Invesco QQQ Trust (QQQ) ended Monday around 0.4% lower, while the SPDR Dow Jones Industrial Average ETF Trust (DIA) rose 0.3%.

The VanEck Semiconductor ETF (SMH) dropped 1.8%.

Meanwhile, retail sentiment on Stocktwits for SPY, QQQ, and DIA was all in the ‘extremely bullish’ to ‘bullish’ territory.

US Market Drivers

Index	Move	Close
Dow Jones Industrial Average	0.3%	49,686.12
S&P 500	-0.1%	7,403.05
Nasdaq 100	-0.5%	26,090.73

President Donald Trump said he called off plans to attack Iran on Tuesday because “serious negotiations are now taking place” on reaching an agreement.

In a post on Truth Social, Trump said he had been asked to do so by the leaders of Qatar, Saudi Arabia, and the United Arab Emirates. Broader U.S. indices reversed some of their losses following the post.

Elevated Treasury yields continued to weigh on benchmark U.S. indices following Friday’s steep yield jump, where the U.S. 30-year Treasury bond yield hit its highest level in around a year. It was last little changed alongside the 10-year Treasury.

Generally, when bond yields spike, investors tend to move away from equities, especially technology shares. A rise in yields raises the cost of borrowing for corporates, diminishing the current value of future earnings in analyst models.

Trending Stocks To Watch

Nvidia (NVDA): Chief Executive Officer Jensen Huang, in an interview with Bloomberg TV, said he expects Chinese authorities will eventually allow the import of artificial intelligence chips from the U.S. and also highlighted that memory chip demand is outpacing supply.

Dell Technologies (DELL): Shares dropped 3.4% on Monday as announcements expanding its artificial intelligence portfolio with Nvidia — along with media reports that the company added 1,000 new clients to its AI Factory product line — were overshadowed by supply-side constraints highlighted by Nvidia CEO Jensen Huang.

NextEra Energy (NEE): NextEra and Dominion Energy (D) announced a definitive all-stock deal to create the world's largest regulated electric utility business, which will serve 10 million customers across four southeastern states.

Uber (UBER): The stock was muted, down around 0.1% on Monday after the company expanded its footprint in the European food delivery sector by acquiring an additional stake in Germany’s Delivery Hero SE, bringing its total ownership to nearly a fifth of the company.

Seagate Technology (STX): Shares of Seagate drew significant investor buzz on Monday after CEO Dave Mosley provided commentary on the company’s manufacturing at a JPMorgan conference.

Broader Market Trends

West Texas Intermediate futures gained roughly 3% to close at $108.66 per barrel, while Brent crude settled up more than 2% at $112.10 a barrel as investors assess the condition at the Strait of Hormuz.

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