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S&P 500 and Nasdaq slip as chip stocks fall and oil drops
The Dow rose 0.5%, while oil prices fell more than 7% and attention turned to a Federal Reserve decision on Wednesday and a wave of Big Tech earnings.
US stocks traded mixed on Monday as chip shares sold off, pushing the S&P 500 near the flat line and sending the Nasdaq Composite into negative territory, according to Yahoo Finance. The Dow Jones Industrial Average gained 0.5% even as tech weakened.
Oil prices slid more than 7% amid renewed optimism around a path to end the US-Iran conflict, with Brent crude futures trading below $90 a barrel at last check, according to Yahoo Finance. The decline in energy prices was seen as offsetting some of the early pressure from technology stocks.
Early market sentiment wobbled as concerns emerged that China could overtake the US in artificial intelligence, Yahoo Finance reported. The outlet linked the chip selloff to a report from The Information that a Chinese state-backed company began mass-producing a key chipmaking equipment component, dragging shares of Nvidia and ASML down by over 4%.
With the busiest week of the quarter approaching, investors also looked ahead to more Big Tech earnings and the Federal Reserve meeting on Wednesday, Yahoo Finance said. LiveMint Markets also pointed to easing US-Iran tensions and the Fed decision as key drivers, alongside a focus on tech earnings expectations.
Latest closeWTI crude $90.47 ▼1.9%|Brent $98.38 ▼2.3%|S&P 500 7,411.98 ▲0.1%