Nasdaq Tests 50-Day Moving Average as Semiconductor Sellers Await Nvidia

The US stock market saw mixed results on Monday, with financials gaining about 1% while technology stocks declined. JPMorgan Chase rose 1.1% and Visa added 2.5%, keeping the Dow in the green. However, the S&P 500 and Nasdaq absorbed the full weight of the technology selloff.

Declining stocks outnumbered advancers by a 1.21-to-1 ratio on the New York Stock Exchange, indicating that buyers are selective and only picking spots to invest. The Nasdaq posted 71 new highs against 80 new lows, with more stocks making new lows than new highs on a day when the Dow was green.

The Treasury Secretary Scott Bessent's plan to use the department's near-$1 trillion General Account to fund expanded bond buybacks may have contributed to yields coming down. However, the 30-year Treasury yield stayed above 5%, despite being pulled back a few basis points.