A chip selloff on fears of Chinese memory competition pulled tech lower. Rising oil prices added pressure.
Chinese memory threat. China’s CXMT reported progress on a denser DRAM design and plans server memory using it by year-end. That raised fears of cheaper competition for US memory makers. All 30 stocks in the chip index fell, and Semis dropped 2.7%, dragging the Nasdaq.
Oil climbs. Brent rose to a two-week high on Houthi attacks on Saudi Arabia, which feeds inflation worries.
What’s next. Big banks start earnings season on Tuesday, with September inflation data due later this week.