Advertisment
The Dow Jones Industrial Average climbed higher Monday, outperforming the market, while the NASDAQ Composite slipped as traders continued to sell off major tech stocks that have powered the bull market.
The 30-stock index leaped 358.67 points to conclude Monday at 41,297.12, as investors rotated into non-tech shares like Caterpillar, JPMorgan and UnitedHealth
The S&P 500 Index squeaked higher 9.21 points to 5,836.25.
The tech-heavy slipped 73.53 points to 19,088.10.
All three benchmarks are down for the last two weeks, with tech shares causing most of the damage.
Stocks are coming off a losing week. The 30-stock Dow and S&P 500 both ended the week 1.9% lower, while the NASDAQ Composite lost 2.3%. All three are now in the red for the young year.
Palantir dipped 4% and Nvidia lost 2%, building upon their losses from last week. Nvidia fell nearly 6% during the period, while Palantir lost 11%. Other popular tech shares including Tesla and Micron were also down.
Investors are hoping the start of the fourth-quarter earnings season with stabilize markets. Banks including Citigroup, Goldman Sachs and JPMorgan Chase report on Wednesday, while Morgan Stanley and Bank of America will post results on Thursday.
Data this week includes the December consumer price index on Wednesday morning. Before that, investors will parse wholesale inflation with December’s producer price index report on Tuesday.
Prices for the 10-year Treasury sank, lifting yields to 4.79% from Friday’s 4.76%, its highest level since late 2023 after the jobs report. Treasury prices and yields move in opposite directions.
Oil prices gained $2.16 to $78.73 U.S. a barrel.
Prices for gold tumbled $35.20 an ounce to $2,679.80 U.S.