Traders work on the floor of the New York Stock Exchange.
NYSE
S&P 500 Technology stocks and SpaceX led declines on Monday. Wall Street also assessed the latest developments in Iran war talks and awaited the release of closely watched inflation data by the Federal Reserve.
The broader market index fell 0.3%, while nasdaq composite Declined by 1.1%. Dow Jones Industrial Average Added 144 points or 0.3%, up 3% Kamla.
Major tech names dragged the market into negative territory. shares of alphabet It fell 6% on concerns about artificial intelligence talent migration. Amazon And meta platform There was a loss of 4% and 2% respectively. Microsoft Shares also fell 2%.
spacex There was another backward person. The stock fell 10%, putting it on its way to its third consecutive daily decline.
However, micron technology was one of the better performers with a gain of 5%. The move comes ahead of the chipmaker’s quarterly report, which is due after the bell on Wednesday. Fellow chipmakers also benefited advanced precision instruments going up 1% and intel by adding 4%
Brent oil futures turned negative on Monday after mediators Qatar and Pakistan said US and Iranian officials agreed on a roadmap to reach a final deal within 60 days. Oil prices were trading near session lows after the Treasury Department authorized the sale of Iranian oil for 60 days.
Brent crude futures, the international benchmark for August, fell more than 3% to about $77 a barrel. US West Texas Intermediate futures for July were down more than 2% at around $74.
A key test for the market this week will be the release of readings on the personal consumption expenditures price index, the Fed’s favorite inflation gauge, on Thursday. Even excluding volatile food and energy prices, core PCE is expected to rise from April, according to economists surveyed by FactSet.
After last week’s hawkish Fed meeting, expectations for an interest rate hike were pushed back until October. Investors are now focused on any inflation readings that might indicate the US central bank could start raising rates soon.
Despite the latest pressure in equities, Tom Hanlin, national investment strategist at US Bank Asset Management Group, still believes conditions are favorable, especially for US large-cap stocks.
“If you look at who has the most means, transparency and earnings, it’s still America, given the fact that we’re not concluding [Middle East] conflict, given the fact [oil] “The flows have still not fully returned to normal given the fact that the US still has its own energy supplies,” Heinlein said.
“As long as consumers are making money and are confident in their jobs, they want to spend, and as long as businesses feel the economy is in good shape and expanding for the future, it’s still a pretty good setup,” he said.
