Markets Dip on Hormuz Tensions; Memory Chips Defy Broader Tech Sell-Off

GainStreet Daily Brief · Monday, May 4, 2026

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Evening brief: Markets Dip on Hormuz Tensions; Memory Chips Defy Broader Tech Sell-Off

Published May 4, 2026, 10:23 PM EDT

U.S. markets retreated from record highs as tensions in the Strait of Hormuz fueled a spike in oil prices. While most sectors saw red, memory chipmakers like Micron (MU) and Sandisk (SNDK) posted significant gains, bucking the negative trend in the broader semiconductor space.

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