The S&P 500 slipped for a second consecutive session on Monday as weakness in artificial intelligence-linked technology stocks weighed on sentiment, and Polymarket traders are betting the benchmark index could extend its losing streak at Tuesday’s open.
The S&P 500 closed down 0.07% at 7,403.05 on Monday and the May 19 Polymarket contract implied a 40% probability that the S&P 500 would open higher on Tuesday.
Why That Number Matters
The latest pullback comes after a record-setting rally that pushed both the S&P 500 and Nasdaq Composite to all-time highs last week.
The comments sparked concerns about supply constraints across the semiconductor and memory-chip ecosystem, sending Seagate shares down nearly 7% and dragging peers lower.
Investors are also monitoring geopolitical developments after President Donald Trump said Monday he was calling off a planned attack on Iran following requests from regional leaders to “hold off.”
The Bull Countercase
Despite recent weakness, Wall Street remains near record levels after a powerful earnings-driven rally.
Markets have also been supported by easing concerns around an immediate escalation in the Middle East after Trump’s decision not to proceed with military action against Iran.
Before Tuesday’s opening bell, investors will be watching earnings from Home Depot (NYSE:HD) along with April pending home sales data.
S&P 500 futures were down 0.23% in early trading.
How The Previous Bet Played Out: The S&P 500 opened Monday at 7,415.07, above Friday’s close of 7,408.50, meaning the May 18 Polymarket bet resolved “Up.”
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