U.S. stocks opened lower on Monday as major tech shares sank, weighing on the market.
Shortly after the opening bell, the Dow Jones Industrial Average slid 111.90 points, or 0.43 percent, to 25,652.10. The S&P 500 was down 18.20 points, or 0.64 percent, to 2,841.33. The Nasdaq Composite Index decreased 96.03 points, or 1.23 percent, to 7,720.25.
Shares of U.S. chipmarkers fell broadly in morning trading. Qualcomm and Lam Research declined 5.1 percent and 3.7 percent respectively, among the worst performers.
Other major U.S. tech-heavy stocks or the so-called FAANG group of Facebook, Apple, Amazon, Netflix and Google-parent Alphabet also traded on a downbeat note.
Of the 11 primary S&P 500 sectors, technology and communication services dipped 1.8 percent and 1.1 percent respectively shortly after the opening.
U.S. equities retreated in the week ending May 17, with the Dow down 0.7 percent, the S&P 500 decreasing 0.8 percent, and the Nasdaq shedding 1.3 percent.
