US Stocks trade mixed on Monday

US stocks were mixed on Monday, 20 May 2024, with the Nasdaq and the S&P500 indexes settling higher, on the back of strength in Nvdia and other tech related stocks, while the Dow closed in negative territory as some investors opted to secures profit after closing above 40,000 for the first time last Friday.

At closing bell, the Dow Jones Industrial Average index declined 196.82 points, or 0.49%, to 39,806.77. The S&P500 index climbed up 4.86 points, or 0.09%, to 5,308.13. The tech-heavy Nasdaq Composite index increased by 108.91 points, or 0.65%, to 16,794.87.

Total 7 of 11 S&P500 sectors closed lower. Information technology sector was top performer, rising 1.32%, while financial sector was bottom performer, falling 1.21%.

Shares of technology sector performed strongly, with chipmaker Micron Technology lead the way higher, surging by 3% after Morgan Stanley upgraded its rating on the company's stock to Equal Weight from Underweight.

Nvidia shares also shot up by 2.5% ahead of its fiscal first quarter results release on Wednesday. Several Wall Street firms also increased their price target on the chipmaker ahead of its earnings report.

Shares of JPMorgan declined 4.5% as CEO Jamie Dimon signaled during the banks annual investment meeting that his retirement may be sooner than previously stated.

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