Advertisment
The S&P 500 inched lower Monday as the market failed to bounce back following Friday’s steep sell-off, with shares of major tech companies under pressure.
The Dow Jones Industrials forged ahead 11.03 points to open the week at 43,439.05.
The much-broader index shed 21.08 points to 5,992.05
The NASDAQ Composite fell 193.73 points, or 1%, to 19,330.28.
Shares of Palantir tumbled more than 10% on Monday, pulling the NASDAQ lower. Microsoft shed 2% after an analyst report from TD Cowen said the company is cutting spending on data centers, raising fears of weakness in the artificial intelligence trade.
Chipmaking giant Nvidia slipped 0.6%.
The moves follow the stock market’s fall last week. The Dow and NASDAQ dropped more than 2% each last week, while the S&P 500 dropped more than 1%. On Friday alone, the Dow dropped more than 700 points, while the S&P 500 fell 1.7%, and NASDAQ shed 2.2%.
The week ahead includes key readings on corporate earnings and the economy. Earnings reports from Home Depot and Lowe’s on Tuesday and Wednesday, respectively, will give investors a better sense of how U.S. consumers are faring. Nvidia’s earnings report on Wednesday evening could be even more impactful, as the artificial intelligence-linked chipmaker is still one of the biggest stocks by market cap.
Prices for the 10-year Treasury gained ground, lowering yields to 4.40% from Friday’s 4.43%. Treasury prices and yields move in opposite directions.
Oil prices inched up five cents to $70.45 U.S. a barrel.
Prices for gold fell $2.10 an ounce to $2,951.10 U.S.
creator solana token
