Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., May 5, 2026.
Brendan McDermid | Reuters
S&P 500 futures were little changed Monday night after a selloff in technology stocks weighed the S&P 500 and Nasdaq Composite lower for the second session in a row.
S&P 500 futures were up 0.1%, while Nasdaq 100 futures rose 0.2%. Futures tied to the Dow Jones Industrial Average advanced 23 points, or 0.05%.
Both the S&P 500 and Nasdaq posted their second straight day of losses on Monday. The broad market index slipped 0.07%, while the technology-heavy Nasdaq closed 0.51% lower. The blue-chip Dow bucked the trend, adding 159.95 points, or 0.32%.
Memory chip stocks sold off on Monday, with Seagate tumbling after CEO Dave Mosley made comments at a JPMorgan conference that raised fears the company may have troubles meeting an artificial intelligence-driven surge in demand. He remarked that building new factories “would just take too long.” The stock dropped almost 7%, while peer Micron Technology fell close to 6% in sympathy. Other artificial intelligence-adjacent stocks also declined on Monday.
Monday’s losses come after stocks have rallied to new highs in recent weeks, with both the S&P 500 and Nasdaq hitting fresh record highs last week, while the Dow briefly recaptured the 50,000 level. However, Kevin Gordon, head of macro research and strategy at the Schwab Center for Financial Research, believes that the market rally has already seen its best days.
“From a positioning standpoint and how stretched things have gotten, probably means that you don’t see as sharp of the rallies that we were seeing certainly off the throes of the low in March,” he said on CNBC’s “Closing Bell: Overtime” on Monday afternoon.
In a Monday Truth Social post, President Donald Trump announced that he was calling off a plan to attack Iran on Tuesday after the heads of three regional powers in the Middle East asked him to “hold off.”
Home Depot, Eagle Materials and Amer Sports are set to report earnings before Tuesday’s opening bell. Traders will also watch out for April’s pending home sales reading.
— CNBC’s Kevin Breuninger contributed reporting.
30-year fixed mortgage rate hits highest level since July 2025
The average rate on a 30-year fixed mortgage climbed to 6.68% on Monday.
The bump on the 30-year rate touched its highest level since July 31, 2025, when it was 6.75%.
The 30-year fixed mortgage rate in 2026
Rates on the 30-year mortgage are closely linked to the action in the 10-year Treasury.
The increase in the borrowing rate comes as the yield on the 10-year Treasury touched a high of 4.631%, the highest it has been since Feb. 12, 2025.
—Darla Mercado, Gina Francolla
Stocks making the biggest moves after the bell: Agilysys, Akamai Technologies
These are the stocks moving the most in extended-hours trading:
- Agilysys — The hospitality software stock popped 16% after Agilysys reporting fourth-quarter adjusted earnings of 63 cents per share, higher than its year-ago earnings of 54 cents. Agilysys’ $82.9 million revenue beat the $81.6 million analysts polled by FactSet were expecting. Meanwhile, the company also guided for full-year revenue in the range of $365 million to $370 million, beating the consensus estimate of $363.6 million, per FactSet.
- Akamai Technologies — Shares slipped 3% after the cloud computing and cybersecurity company announced a proposed offering of convertible senior notes, totaling $2.6 billion.
— Lisa Kailai Han
Stock futures are little changed
Stock futures traded near flat on Monday night.
Shortly after 6 p.m. ET, futures tied to all three major averages were trading around the flatline.
— Lisa Kailai Han
