S&P 500 falls 0.48% as chip stocks drop 5.86% after an AI slowdown call and security software rises
S&P 500 close: 7,619.98 (-0.48%) Sectors: 3 higher / 8 lower Sentiment: bearish
The S&P 500 closed at 7,619.98 on 14 September 2026, down 37.00 points or 0.48%, as chipmakers fell after Anthropic CEO Dario Amodei called over the weekend for a slower pace of AI model development; the PHLX Semiconductor index lost 5.86%. GLW.US fell 13.70% to $143.60, the largest fall in the S&P 500, after Corning disclosed a $2bn at-the-market share sale program. The 10-year Treasury yield touched 5.012% at 10:20am ET, its first print above 5% since 2023, and closed at 4.961%, two days before a Fed decision where futures price about an 88% chance of a hike.
What moved the index
- Technology, about 60 bps off the index. XLK.US fell 1.81% at roughly 33% index weight. NVDA.US -3.36% at roughly 8% weight took about 26 bps, and AVGO.US -4.77%, MU.US -5.25% and AMD.US -4.40% took about 25 bps more. MSFT.US +1.97% added back about 11 bps.
- Industrials and utilities, about 14 bps off. XLI.US -1.42% and XLU.US -1.34%. Data-center power suppliers accounted for most of it: GEV.US -8.62%, VRT.US -7.63%, ETN.US -7.57%, CEG.US -7.09%.
- Financials, about 5 bps off. XLF.US fell 0.38%. BAC.US lost 5.14% after CEO Brian Moynihan guided third-quarter investment banking fees to $1.6bn to $1.8bn, against $2bn a year earlier, with trading revenue flat. GS.US fell 3.96% and MS.US 3.64%.
- Offsets, about 41 bps added. XLC.US +2.19% added about 22 bps, with GOOGL.US +3.22% and META.US +2.71%. XLV.US +1.45% added about 13 bps and XLP.US +1.25% about 6 bps.
Together these account for about 38 bps of the 48 bps fall. Energy (XLE.US -0.94%), materials, real estate and consumer discretionary took most of the remaining 10 bps. RSP.US, the equal-weight S&P 500 fund, rose 0.07% while SPY.US fell 0.45%, so the largest stocks accounted for the index loss.
Session highlights
- 11,131.28 on the PHLX Semiconductor index, down 5.86%. Chip-equipment makers fell more than the index: LRCX.US -8.29%, ASML.US -7.25%, AMAT.US -7.07%, KLAC.US -6.39%.
- 29,127.16 on the Nasdaq 100, down 0.82%. The Dow fell 0.29% to 52,421.20 and the Russell 2000 0.40% to 2,892.24.
- 5.012% was the 10-year yield's high at 10:20am ET. It closed at 4.961%, down 1.4 bps, and the 30-year closed at 5.329%.
- VIX 17.10, up 7.95%. The S&P 500 set its low of 7,592.28 at 10:55am ET and closed 28 points above it.
- Brent US$106.15 (+1.47%) and WTI US$101.89 (+1.84%) at 5:45pm ET, with Saudi Arabia's East-West pipeline still shut. Gold fell 1.56% to US$4,340/oz and the dollar index rose 0.34% to 99.46.
Sector scorecard
- Best: Communication Services (XLC.US +2.19%)
- Worst: Technology (XLK.US -1.81%)
- Dispersion (best minus worst): 4.00 pts
- Technology had the widest split. IGV.US, the software fund, rose 5.04% while SMH.US, the chip fund, fell 4.75%. NOW.US gained 7.41%, ADBE.US 5.30% and CRM.US 4.73%.
Top movers
| Ticker | Move | Reason |
|---|---|---|
| ZS.US | +16.52% | Security software rose after the AI risk essay; CRWD.US +13.85%, PANW.US +13.09% |
| TENB.US | +16.51% | Vulnerability scanning vendor; reversed Friday's 5.99% fall |
| NTSK.US | +15.65% | Cloud security; no company filing, moved with the group |
| RBRK.US | +15.64% | Data backup and security; OKTA.US +11.98% in the same group |
| SAIL.US | +15.31% | Identity security; opened at $18.30 against Friday's $17.24 close |
| SIMO.US | -16.76% | Storage-controller chipmaker; SNDK.US -4.98%, no company filing |
| SFTBY.US | -15.06% | OpenAI backer; Tokyo shares fell 10.72% after Altman ruled out a 2026 listing |
| INIO.US | -14.25% | Gas engines for data-center power; BE.US -6.78% |
| GLW.US | -13.70% | $2bn at-the-market share sale program, Goldman Sachs as agent |
| TER.US | -13.30% | Chip test equipment; analyst downgrades after recent gains |
After-hours earnings
PLAY.US reported fiscal second-quarter results at 4:09pm ET. Revenue of $544.1m fell 2.4% from a year earlier and missed the $556.8m consensus, and the adjusted loss of $0.27 a share compared with an expected $0.19 profit. Shares fell 13% in initial after-hours trading, from a regular-session close of $8.47, up 4.05%.
Notable announcements
- HPE.US fell 10.76% to $55.41 after Evercore ISI cut the stock to In Line from Outperform, citing about 13 times fiscal 2027 earnings against a five-year average near 8 times. DELL.US fell 5.82% and SMCI.US 8.38%.
- COIN.US rose 9.24% to $191.45 after Compass Point upgraded it to Neutral from Sell before Tuesday's Senate cloture vote on the CLARITY Act. Bitcoin rose 1.94% to $78,781.
- RBLX.US rose 12.73% to $51.29 after its 11 September developer conference added tools that let creators publish games as standalone apps.
- CRWD.US CEO George Kurtz replied to Amodei's essay that frontier labs will keep advancing the technology, so security remains necessary.
- Bloomberg reported on Sunday that Anthropic chose Nasdaq for a listing targeted for October.
Next session catalysts (ET)
- Tue 15 September 8:30am Empire State manufacturing for September. The two-day FOMC meeting begins, and the Senate holds a cloture vote on the CLARITY Act.
- Wed 16 September 8:30am August retail sales and import prices. 2:00pm FOMC decision and projections, then Chair Kevin Warsh's press conference.
- Thu 17 September 8:30am Weekly jobless claims, August housing starts and the September Philadelphia Fed index.
- Fri 18 September 9:15am August industrial production. The Bank of Japan also decides on Friday.
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