Stocks Drift on Mixed Finish as Investors Await Key Events

U.S. stocks ended Monday with a mixed performance as investors await key events later in the week.

The S&P 500 declined by 0.3%, pulling further away from its record high set earlier this month, while the Dow Jones Industrial Average rose by 0.3% and the Nasdaq composite fell by 0.8%.

Shares of tech giants Nvidia, Micron Technology, and Broadcom led the downward movement in the S&P 500 after a summer of wild price swings driven by fears that artificial intelligence technology prices are unsustainable.

The bond market also showed signs of relief on Monday as Treasury yields eased back below their late Friday levels following the U.S. Treasury Department's surprise announcement to increase planned buybacks of Treasurys.