Yahoo Finance
US stocks seesawed on Monday after a strong open as chip stocks began selling off.
Oil prices sank, offsetting tech weakness, as markets entered thebusiest week of the quarter, jam-packed with more Big Tech earnings and a Federal Reserve decision.
The Dow Jones Industrial Average (^DJI) gained 0.2%, while the S&P 500 (^GSPC) slipped 0.3%.
The tech-heavy Nasdaq Composite (^IXIC) dropped 0.6% after achoppy week sent the indexes lower.
Market sentiment wavered as concerns emerged that China could overtake the US in artificial intelligence.
Chip stocks made a U-turn afterThe Information reportedthat a Chinese state-backed company began mass-producing a key piece of chipmaking equipment, sending shares of Nvidia (NVDA) and ASML (ASML) down by over 4%.
Tech weakness offset some optimism after theUS and Iran paused fighting, raising hopes that peace negotiations could restart after two weeks of attacks.
Oil prices tumbled over 7% amid renewed optimism about a path to end the war, with Brent crude (BZ=F) futures trading below $90 a barrel at last check.
A continued decline in oil prices could take some pressure off the Federal Reserve, which is set to deliver an interest rate decision on Wednesday.
The central bank isexpected to hold rates steadyas officials monitor progress on inflation, though a rate hike is not off the table in one of the least-telegraphed Fed decisions in years.
Top of mind, meanwhile, will be a wave of earnings reports, including Big Tech reports from Microsoft (MSFT), Meta Platforms (META), Apple (AAPL), and Amazon (AMZN).
All eyes will be on capital expenditure guidance and AI monetization after capex from Alphabet (GOOG,GOOGL) and Tesla (TSLA) triggereda meltdownin the tech sector..
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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