Wall Street faces a continuation of last week’s trend during Monday’s morning trading, with semiconductor stocks selling off heavily and dragging down the tech sector, while the broader market remains largely unaffected.

Nvidia Corp. NVDA fell over 4%, entering correction territory after dropping more than 14% from last week’s all-time highs.

SEC filings on insider activity reveal that Nvidia’s CEO Jen Huang sold more than $100 million worth of shares between June 13 and June 21, 2024, marking his first sale since December 2021.

The VanEck Semiconductor ETF SMH fell over 2%, extending last week’s declines.

Alongside Nvidia, Marvell Technology Inc. MRVL and Microchip Technology Inc. MCHP were notable laggards, dropping 9.6% and 8.3%, respectively.

While the Nasdaq 100 eyes its third consecutive negative session, other major indices posted gains: the S&P 500 rose 0.3%, the Russell 2000 gained 0.8%, and the Dow Jones Industrial Average rallied 0.9%, potentially marking its strongest session since late May.

Treasury yields remained steady, the U.S. dollar fell 0.3%, gold prices increased 0.4% and energy-related commodities saw gains, with crude and natural gas up approximately 1% and 2%, respectively.

Bitcoin BTC/USD fell over 4% to $60,400, heading for its seventh negative session in the last eight, as the broader cryptocurrency market’s momentum remains fragile.

According to Benzinga Pro data:

• The SPDR S&P 500 ETF Trust SPY was 0.2% higher to $545.59.
• The SPDR Dow Jones Industrial Average DIA was 0.9% higher to $394.65.
• The tech-heavy Invesco QQQ Trust (ARCA: QQQ) was 0.6% lower to $477.21.
• Sector-wise, the Energy Select Sector SPDR Fund XLE outperformed, up by 1.5%, while the Technology Select Sector SPDR Fund XLK lagged, falling 1.6%.

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