U.S. Major Indices Open Lower as Chip Stocks Experience Widespread Decline After Days of Gains

On May 12, the Dow Jones Industrial Average fell by 0.04%, the S&P 500 dropped by 0.35%, and the Nasdaq Composite decreased by 0.73%. Chip stocks saw a widespread decline, with Micron Technology down 3%, AMD down 2%, Intel down 4%, and Qualcomm down 4%. Under Armour's stock price fell by 15%, as the company reported a 4% year-over-year decline in revenue for fiscal year 2026, totaling $5 billion.