US Stocks Mixed as Tech Sector Underperforms Amid Easing Yields
The US stock market experienced mixed results on Monday, with some sectors showing gains while others declined. The Dow Jones Industrial Average rose by 0.26% to close at 53,417.16, but the S&P 500 and Nasdaq Composite fell by 0.28% and 0.76%, respectively.
The tech sector was a notable underperformer, with chipmakers Micron, AMD, and Broadcom all trading lower. This downturn was offset to some extent by easing Treasury yields after the US Treasury announced that it may tap its General Account to support a buyback programme.
However, sentiment was also weighed down by an announcement from Donald Trump regarding tariffs on imports of cars, trucks, automotive parts, and steel from Canada, which will increase to 50% in January 2027. Additionally, the Chicago Federal Reserve's national activity index pointed to further cooling in US economic growth in July.
On the positive side, some companies within the Dow Jones Industrial Average showed notable gains, including Visa Inc., Walt Disney Co., and Unitedhealth Group Inc. However, these increases were not enough to offset the overall decline in the S&P 500 and Nasdaq Composite.