Eli Lilly and J&J bounce on new data, as software stocks give up last week's gains

Stocks slid at the start of the week while software names gave back last week’s gains, even as AI-related components continued to rally. Memory chips like Micron and SanDisk extended advances, alongside optical makers including Corning, Marvell Technology and Coherent. The offset was pressure on hyperscalers, also known as “spenders,” and renewed concern around private equity firm Silver Lake’s reported discussions with Workday, which had briefly lifted shares. Software weakness also hit CrowdStrike and Palo Alto Networks, despite management saying AI is accelerating rather than disrupting their businesses. Rates crept higher, with the 10-year yield crossing 4.7% ahead of Fed minutes and Jackson Hole.