Indexes Step Back from Record Highs

Stocks retreated Monday despite a rallying group of technology stocks tied to the artificial intelligence boom.

The 30-stock index lost 97.55 points to close Monday at 38,989.83.

The S&P 500 dropped 6.13 points to 5,130.95.

The NASDAQ faded 67.43 points to 16,207.51.

Losses were mitigated by gains of more than 3% in AI darling Nvidia. Super Micro Computer soared 18% after S&P Dow Jones Indices announced it would join the S&P 500 later this month.

A handful of bitcoin-focused stocks including Microstrategy and Coinbase also advanced as the cryptocurrency neared its 2021 all-time high. That offered further evidence of Wall Street taking on risk in Monday’s session.

But tech laggards ultimately held the market back. Apple fell 2.5% after getting hit with a European Union antitrust fine of nearly $2 billion. Tesla dropped 7% after announcing more price discounts and incentives late last week.

Outside of technology, Ford added 2% on the back of strong sales data. Macy’s soared more than 13% after Arkhouse Management and Brigade Capital Management increased their offer for the department store.

JetBlue rose more than 3%, while Spirit Airlines tumbled more than 10%. The airlines said Monday that they would end plans to combine, weeks after losing a federal antitrust lawsuit that jeopardized the $3.8-billion deal.

Prices for the 10-year Treasury stumbled, raising yields to 4.22% from Friday’s 4.18%. Treasury prices and yields move in opposite directions.

Oil prices dropped $1.20 to $78.77 U.S. a barrel.

Gold prices surged $29.90 to $2,127.60.

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