Stocks struggled to maintain gains on Monday, after the S&P 500 index’s third consecutive weekly gain, as demand concerns in the semiconductor industry weighed on tech names.
The S&P 500 and Nasdaq Composite were down 0.2% and 0.3%, respectively. The Dow Jones Industrial Average rose 25 points, or 0.1%. Stocks initially rose in morning trading but lost ground as the day progressed.
Nvidia announces weaker-than-expected revenue for the second quarter, which puts pressure on the semiconductor stock. Shares of the chip giant fell more than 8%, and rival stocks such as AMD and Broadcom were also under pressure.
I gained some shares related to clean energy After approval by the Senate Inflation Reduction Act. The action includes billions of dollars aimed at tackling climate change. The House of Representatives is expected to pass the measure later this week.
Monday’s moves track weekly rally for S&P 500 and Nasdaq Composite as a surprisingly strong month Jobs Report Alleviate some recession fears. The flexible labor market also indicated that the economy could withstand further rate hikes from the Federal Reserve.
“The question is whether the rally is running out,” said Angelo Corcavas, investment analyst at Edward Jones. “There are certainly things that have improved after the last month that would, in our view, justify a higher move, which we have certainly seen. … However, things have to go right to be able to say the coast is clear.”
The new CPI reading, due on Wednesday, will give investors more clarity on the central bank’s next move at its September policy meeting.
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