Live Markets: US stocks close lower as tech weighs

Rambus

28/04/2026 21:23

Nasdaq ends off ~0.9%, S&P 500 declines ~0.5%, Dow slightly red

Tech weakest S&P 500 sector; Energy leads gainers

Dollar up; US crude rallies >3%; bitcoin down ~1%; gold down ~2%

US 10-year Treasury yield edges up to ~4.35%

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US STOCKS CLOSE LOWER AS TECH WEIGHS

U.S. stocks retreated on Tuesday, with the Nasdaq .IXIC registering its biggest daily percentage decline since March 27, pulled lower by weakness in technology stocks due to concerns about AI growth.

AI-related stocks were lower after the Wall Street Journal reported that OpenAI had missed its goals for new users and revenue in recent months, raising concerns over the ChatGPT creator's growth prospects.

Chipmakers fell sharply, with the PHLX semiconductor index .SOX down 3.58%, its biggest one-day drop since March 30 and the second consecutive decline for the index after it reeled off a record 18 straight sessions of gains.

Rambus RMBS.O was the worst-performing of the chip stocks, plunging 21.26% for its biggest daily percentage drop since October 2015 after its quarterly results fell short of expectations.

Also adding pressure to the downside was a rise in crude prices, as persistent worries about supply constraints from the closed Strait of Hormuz outweighed the United Arab Emirates' decision to leave OPEC and the wider OPEC+ group.

On the sector front, energy .SPNY was the best-performing of the 11 major S&P 500 .SPX sectors, while tech .SPLRCT dropped 1.29% as the weakest.

Below is your closing market snapshot:

(Chuck Mikolajczak)

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EARLIER ON LIVE MARKETS:

SEMICONDUCTORS: PRIMED FOR A BIGGER FALL OR MORE ROOM TO RUN? CLICK HERE

MARKETS START DOWN THE WARSH PATH CLICK HERE

TWOFER TUESDAY: SUN SHINES ON CONSUMERS, RAIN FALLS ON HOME PRICES CLICK HERE

US STOCKS WEAKER AS TECH WEIGHS CLICK HERE

STOCKS ARE SCORING RECORDS, BUT THE DOW IS STILL BENCHED CLICK HERE

HALF TIME IN EUROPE CLICK HERE

LEAVIN' ON A JET PLANE... OR NOT CLICK HERE

EQUITY RECOVERY: MORE TO GO OR SOFT PATCH AHEAD? CLICK HERE

SOX PUPPETS CLICK HERE

AN UNEASY LULL CLICK HERE

EUROPE BEFORE THE BELL: NO WAR, NO PEACE CLICK HERE

BOJ'S HAWKISH HOLD CLICK HERE

Closing levels April 28 https://fingfx.thomsonreuters.com/gfx/mkt/zdpxggoervx/Pasted%20image%201777407270789.png

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