US markets closed mixed on Monday with industrial companies lifting the Dow while some popular tech names dragged down the Nasdaq. Analysts noted a wait-and-see attitude as major events loom this week including a US presidential debate and key inflation data. The Dow Jones Industrial Average finished up 0.7 percent at 39,411.21.
Despite this, the S&P 500 fell 0.3 percent to 5,447.87 while the Nasdaq Composite Index dropped 1.1 percent to 17,496.82.
Briefing.com analyst Patrick O’Hare observed a natural rotation in the market, especially among big tech stocks due to their massive outperformance and momentum in artificial intelligence compared to the broader market. This has led to a consolidation and exchange of positions.
The coming days include FedEx earnings, personal consumption prices report, consumer confidence data, and the Biden-Trump debate.
Nvidia, a leading player in artificial intelligence, saw a 6.7 percent drop in its stock for the third consecutive day. Other AI-related stocks like Qualcomm, Broadcom, and Arm Holdings also faced declines.
Among other news, Target saw a 2.4 percent rise after announcing a partnership with Shopify to power Target Plus, the digital marketplace for department stores. In contrast, Shopify itself fell 1.1 percent.
Overall, market movements seemed to be driven by a mix of factors including the anticipation of key events, earnings reports, and partnership news impacting various sectors.
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