Major indices decline as chip and tech stocks face renewed selling pressure

The market experienced significant declines today, primarily driven by renewed selling pressure on chip and technology stocks. The NASDAQ fell 2%, closing at its lowest point, while the S&P 500 and Dow also posted substantial losses of 1.6% and 1.9%, respectively. This downturn was exacerbated by Oracle's struggles ahead of its earnings report, contributing to the overall negative sentiment in the tech sector. Despite these losses, oil and gas stocks managed to perform well, highlighting a divergence in sector performance amid the broader market decline.

1. 1.The NASDAQ closed at the dead lows, down 2%.
2. 2.The S&P 500 fell below the May 19th low, down 1.6%.
3. 3.Chip stocks and technology stocks are under renewed selling pressure.
4. 4.Oracle's stock dropped 6% ahead of its earnings results.
5. 5.Oil and gas stocks were among the few gainers during today's session.