Mixed Closing for US Stocks Amid Ongoing Market Uncertainty
US stocks closed in a mixed performance on Monday as investors await several market-moving events later this week. The S&P 500 slid 0.3% and retreated from its all-time high set earlier in the month, while the Dow Jones Industrial Average rose 140 points or 0.3%. The Nasdaq composite fell 0.8%, dragged down by tech stocks which have been volatile due to concerns about artificial intelligence.
Nvidia, a leading AI chip manufacturer, declined 2.9% and was the heaviest weight on the S&P 500. Other tech companies like Micron Technology and Broadcom also contributed to the decline. The US Treasury Department's surprise announcement last week to increase planned buybacks of Treasurys helped ease pressure on the bond market.
The yield on the 10-year Treasury eased to 4.70% from 4.74% late Friday, but analysts warn that the move may have limited effect due to its small size and failure to address fundamental problems of high debt and expensive oil prices.