The Dow Jones Industrial Average fell 1.3% at the opening, the S&P 500 fell 1.2%, and the Nasdaq fell 1.7%.

The storage chip sector led the decline, with SanDisk down 6.7%, Micron Technology down 6.3%, and Western Digital down 4.7%. High oil prices dragged down airline stocks, with Delta Air Lines, United Airlines, Southwest Airlines, and Alaska Airlines all falling about 4%. Satellite operator Globalstar rose 13.5%, as it discussed acquisition matters with CNOOC and Amazon. Dow Inc. rose 3.9%, as global chemical product prices entered an upward cycle. Immunovant fell 8.4%, as two late-stage studies of its baricitinib monoclonal antibody therapy for thyroid eye disease failed.