Nvidia and Tech Stocks Drag Down US Market Ahead of Crucial Week
US stocks are experiencing a mixed day ahead of a crucial week for market-moving events. The S&P 500 has slipped 0.4% and is now further away from its all-time high set earlier this month.
The Dow Jones Industrial Average is up 77 points, or 0.1%, as of 11:15 am Eastern time, while the Nasdaq composite is down 0.7%. Tech stocks are leading the decline, particularly Nvidia, which has been a top performer in the AI boom and sank 2.6%.
The bond market continues to be a significant factor in stock prices, with longer-term Treasury yields remaining high due to concerns about inflation, government debt, and expensive oil prices. The US Treasury Department's surprise move last week to increase planned buybacks of Treasurys may have only a limited effect on containing the rise in yields.
The yield of the 10-year Treasury has eased to 4.70% from 4.74% late Friday, helped by a drop in oil prices. Brent crude fell 1.9% to $90.95 per barrel.