U.S. equities finished mixed on Monday, with the Dow Jones Industrial Average managing a gain while technology shares—particularly semiconductor and AI-related stocks—came under heavy selling pressure.

Closing levels for the major indexes:

• Dow Jones Industrial Average: up 140.03 points, or 0.26%, to 53,422.35
• S&P 500: down 21.40 points, or 0.28%, to 7,652.96
• Nasdaq Composite: down 200.26 points, or 0.76%, to 25,980.19
• Russell 2000: down 22.79 points, or 0.76%, to 2,995.08
• Nasdaq 100: down 285.68 points, or 0.97%, to 29,023.18

The gap between the Dow and the tech-heavy indexes partly reflects how each index is constructed. The price-weighted Dow counts several of Monday's strongest performers—Walmart, Disney, and Visa among them—within its 30-stock roster, while semiconductor and AI-infrastructure names carry far more weight in the market-cap-weighted S&P 500 and the technology-concentrated Nasdaq indexes.

The dominant sector story was a sharp decline in semiconductor, memory, and AI-infrastructure stocks. The weakness stretched across chipmakers, networking companies, optical suppliers, and data-center-related names—a group that collectively spans much of the AI data-center supply chain. Micron and SK Hynix are leading producers of the high-bandwidth memory (HBM) stacked alongside AI accelerators; SanDisk, spun off from Western Digital in February 2025, sells NAND flash storage; Coherent and Lumentum supply optical components that link servers inside data centers; Credo and Astera Labs make data-center connectivity silicon; and Nebius provides AI cloud computing capacity.

Notable losers included:

• SanDisk: -6.45%
• Micron: -5.83%
• SK Hynix: -4.90%
• Coherent: -4.85%
• Lumentum: -4.22%
• Nebius: -3.75%
• AMD: -3.49%
• Credo Technology: -3.45%
• Marvell Technology: -3.30%
• Intel: -3.14%
• Nvidia: -2.91%
• Broadcom: -2.63%
• Astera Labs: -2.61%
• VanEck Semiconductor ETF: -2.43%
• Monolithic Power Systems: -2.37%
• AppLovin: -2.35%
• Taiwan Semiconductor: -2.11%
• Texas Instruments: -2.05%

Memory and storage companies led the declines, but the weakness ran much broader than that. AI chipmakers, data-center connectivity firms, and optical-networking suppliers were all hit, a pattern consistent with investors taking profits across the broader AI infrastructure trade. The VanEck Semiconductor ETF's 2.43% drop underscored how broad the selling was across the group.

Away from technology, the day's winners showed strength in consumer, retail, payments, transportation, and defensive stocks.

Leading gainers included:

• Celsius Holdings: +4.93%
• Dollar Tree: +4.01%
• Mastercard: +3.30%
• Visa: +3.07%
• Chipotle: +3.05%
• Alaska Air: +2.90%
• Strategy: +2.83%
• FedEx: +2.76%
• Walmart: +2.69%
• Target: +2.68%
• Walt Disney: +2.63%
• Costco: +2.50%
• DoorDash: +2.49%
• General Mills: +2.39%

Retailers ranked among the strongest performers, with Dollar Tree, Walmart, Target, and Costco all posting solid gains. Consumer-oriented companies also performed well, including Celsius, Chipotle, DoorDash, and Disney. Visa and Mastercard provided leadership in financial services, while FedEx and Alaska Air showed strength in transportation. General Mills, a packaged-food maker, added a defensive element to the winners' list, and Strategy—the software company formerly known as MicroStrategy, which holds a large corporate bitcoin treasury—benefited from continued strength in cryptocurrency-related assets.

Taken together, Monday's price action had the characteristics of a rotation rather than broad market selling. Investors moved out of semiconductor and AI-infrastructure names and into retailers, consumer companies, payment processors, transportation stocks, and selected defensive shares. That rotation helped lift the Dow even as the technology-heavy Nasdaq 100 fell nearly 1%. Even so, the Russell 2000's 0.76% decline showed that the weakness was not confined to large-cap technology.

Also of note: Nvidia, whose results are widely watched as a gauge of AI data-center spending because of its dominant position in AI accelerators, is scheduled to report earnings on Wednesday after the close. The stock has been down for seven consecutive days, with the price moving from a high of $227.76 to a low today of $207.25. Today's low extended toward the 100-day moving average at $206.99, falling short by $0.26. A move below the 100-day moving average would have traders targeting the 200-day moving average at $199.34 as the next key level.