US Stocks Drift Ahead of Key Events
US stocks experienced a mixed finish on Monday as investors await several key events later in the week that could impact market trends.
The S&P 500 slipped 0.3% and retreated from its all-time high set earlier this month, while the Dow Jones Industrial Average added 140 points or 0.3%, and the Nasdaq composite fell 0.8%.
Tech stocks led the decline, with Nvidia sinking 2.9% and being the heaviest weight on the S&P 500, where most other stocks rose. The company's upcoming quarterly earnings report on Wednesday is expected to dictate the next big move for AI-related stocks.
The bond market has also been a focus, with longer-term Treasury yields climbing due to concerns over high inflation, government debt, and other factors. The U.S. Treasury Department announced a surprise move last week to increase planned buybacks of Treasurys, but analysts warned the move may have limited effect.
Oil prices also played a role in easing Treasury yields, which fell to 4.70% from 4.74% late Friday.