U.S. stocks slipped on Monday with weakness in tech and software shares, as investors turned cautious ahead of jobs, retail sales and inflation data that could shape the Fed's next rate decisions.
The tech-heavy Nasdaq slid 137.76 points (0.6%) to 23,057.41, the S&P 500 dipped 10.90 points (0.2%) to 6,816.51 and the Dow edged down 41.49 points (0.1%) at 48,416.56.Wall Street saw early strength as traders sought bargains after Fridays sharp pullback, but buying interest faded soon after the open. Persistent concerns over AI spending weighed on major tech names like Broadcom (AVGO) and Oracle (ORCL), limiting momentum in the broader market.
Caution also prevailed ahead of key U.S. economic data releases this week, including Novembers jobs report and Octobers retail sales on Tuesday, followed by Novembers CPI on Thursday. These indicators could shape expectations for future interest rate moves after the Feds quarter-point rate cut last week, which revealed a split among officials on the path ahead.
Computer hardware stocks extended the sharp pullback, dragging the NYSE Arca Computer Hardware Index down by 2.9%. Software stocks were considerably weak , as reflected by the 1.5% loss posted by the Dow Jones U.S. Software Index. Telecom, networking and brokerage stocks saw notable weakness while pharmaceutical and healthcare stocks showed strong moves to the upside.
Asia-Pacific stocks moved mostly lower. Japan's Nikkei 225 Index tumbled by 1.3%, while China's Shanghai Composite Index fell by 0.7%. The major European markets have moved to the upside on the day. While the U.K.'s FTSE 100 Index is up by 1.1%, the French CAC 40 Index is up by 0.6% and the German DAX Index is up by 0.1%.
In the bond market, treasuries are regaining ground following last Friday's slump. Subsequently, the yield on the benchmark ten-year note which moves opposite of its price, is down by 3.3 bps at 4.16%.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
