US Stocks Drift Amid Key Week Ahead for Tech, Fed
US stocks ended the day in a mixed finish on Monday as investors wait for key events this week that could shift market momentum. The S&P 500 slipped 0.3% from its record high set earlier this month, while the Dow Jones Industrial Average added 0.3%. In contrast, the Nasdaq composite fell 0.8%.
The tech sector led the decline, with Nvidia, a leading AI chipmaker, sinking 2.3%. The company's quarterly earnings report on Wednesday could signal whether the AI boom will sustain its momentum or face profitability concerns. Micron Technology and Broadcom also dropped 6% and 2%, respectively, weighing down the S&P 500.
The bond market showed signs of easing pressure with yields dropping to 4.70% for 10-year Treasurys from 4.74% late Friday. A decline in oil prices helped bring yields down, with Brent crude falling 2.3% to $90.55 per barrel.