Dow Up, S&P 500 and Nasdaq Fall on Semis Slump
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- Dow Jones closed higher on May 18, 2026, bucking the day's broader market weakness.
- S&P 500 posted back-to-back losses alongside the Nasdaq, led by declines in semiconductor stocks.
- Oil prices rose along with Treasury yields, adding macro headwinds to the equity market.
Why it matters: The Dow's gain masked a second straight day of losses for the S&P 500 and Nasdaq — a sharp reversal from the S&P 500's record highs on May 1. Rising oil and Treasury yields suggest the market is repricing inflation and rate risk, with semiconductor stocks absorbing the brunt of the selloff.
