U.S. tech stocks eased slightly from record highs at midday Monday as a fresh leg higher in crude prices and a packed earnings-and-policy week kept buyers cautious.
The Nasdaq 100 slipped 0.4% to 27,206, while the S&P 500 and Dow Jones each shed about 0.1% and the Russell 2000 hugged the flatline.
The dominant narrative on Wall Street was energy commodities ripping higher.
Brent crude rose 2.9% to $108.40 a barrel, on pace for a sixth straight session of gains and on track to close at its highest level in three weeks. West Texas Intermediate added 1.9% to $96.22, while natural gas climbed 2.4% to $2.58 per MMBtu.
Goldman Sachs upgraded its 2026 fourth-quarter Brent forecast on Monday to $90 a barrel from $80, and its WTI forecast to $83 from $75, citing a slower recovery in Persian Gulf production and a delayed normalization of exports, now expected by the end of June instead of mid-May.
Treasury yields drifted higher as the geopolitical premium kept inflation hedges in play. The 10-year yield rose 3 basis points to 4.33%, holding last week’s gains as markets braced for Wednesday’s Federal Reserve decision — likely to be Jerome Powell‘s last as chair before Kevin Warsh‘s anticipated confirmation in May.
Monday’s Performance In Major US Indices
According to the Benzinga Pro platform:
Shares of the telecom giant rallied 3.9% after the company beat on adjusted EPS at $1.28 versus $1.23 consensus and raised its 2026 adjusted EPS guidance to year-over-year growth of 5.0%–6.0%, sending it to the top gainer of the Dow Index.
Sandisk is also slated to report quarterly earnings later this week, and according to the Benzinga Pro platform, option markets are pricing the highest implied post-earnings move among mega-cap companies reporting this week.
Read-across lifted Micron Technology Inc. (NASDAQ:MU) 5.9% to $525.98 on memory-cycle sympathy buying with no firm-specific news on the tape.
Monday’s Russell 1000 Top Gainers
Monday’s Russell 1000 Top Losers
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