US Stock Market Closes Mixed Ahead of Key Earnings Report
The US stock market closed on Monday with mixed results as investors await key events later in the week.
The S&P 500 fell 21.51 points, or 0.3%, to 7,652.86, moving further away from its record set earlier this month. In contrast, the Dow Jones Industrial Average rose 140.15 points, or 0.3%, to 53,417.16.
Tech stocks led the decline, with Nvidia down 2.9% and weighing heavily on the S&P 500. Micron Technology sank 5.8% and Broadcom fell 2.6%. The Nasdaq composite dropped 200.26 points, or 0.8%, to 25,980.19.
The upcoming earnings report from Nvidia on Wednesday is expected to provide insights into the strength of the AI boom. Meanwhile, Federal Reserve Chairman Kevin Warsh will deliver a speech on Friday, as pressure mounts for interest rate hikes to combat inflation.