Nasdaq, S&P 500 Remain Positive But Dow Dips Into The Red

Nasdaq, S&P 500 Remain Positive But Dow Dips Into The Red

After moving mostly higher early in the session, stocks have given back ground in recent trading on Monday. The major averages have pulled back off their highs of the session, with the Dow dipping into negative territory.

Currently, the major averages are turning in a mixed performance. While the Dow is down 112.15 points or 0.3 percent at 39,891.44, the S&P 500 is up 9.54 points or 0.2 percent at 5,312.81 and the Nasdaq is up 101.78 points or 0.6 percent at 16,787.74.

Considerable strength remains also visible among semiconductor stocks, resulting in a 2.1 percent jump by the Philadelphia Semiconductor Index.

Chipmaker Micron Technology (MU) has helped lead the way higher, surging by 3.1 percent after Morgan Stanley upgraded its rating on the company’s stock to Equal Weight from Underweight.

Ai darling Nvidia (NVDA) has also shot up by 2.5 percent ahead of the release of its fiscal first quarter results after the close of trading on Wednesday.

Gold stocks are also turning in a strong performance on the day, as reflected by the 1.8 percent gain being posted by the NYSE Arca Gold Bugs Index. The strength among gold stocks comes amid an increase by the price of the precious metal.

Software and computer hardware stocks are also seeing some strength on the day, contributing to the advance by the tech-heavy Nasdaq, while oil producer stocks have moved lower along with the price of crude oil.

Most of the major sectors are showing only modest moves, as traders seem reluctant to make more significant bets amid a lack of major U.S. economic data on the day.

The economic calendar remains relatively quiet throughout the week, although reports on durable goods orders and new and existing home sales may attract some attention along with the minutes of the latest Fed meeting.

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Monday. Japan’s Nikkei 225 Index advanced by 0.7 percent, while China’s Shanghai Composite Index rose by 0.5 percent.

The major European markets also moved to the upside on the day. While the U.K.’s FTSE 100 Index inched up by 0.1 percent, the German DAX Index and the French CAC 40 Index both climbed by 0.4 percent.

In the bond market, treasuries are extending the pullback seen over the two previous sessions. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 1.6 basis points at 4.436 percent.

by RTTNews Staff Writer

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