NEW YORK: The S&P 500 and the Nasdaq fell on Monday, dragged by technology stocks, while investors assessed the potential fallout from the US pledge of an “economic D-Day” against Iran and looked ahead to Nvidia’s earnings and a key inflation report later this week.
The moves mark a sober start to a week that may determine whether equities can shrug off a flare-up in Middle East tensions and worries tied to a tense bond market.
US Treasury Secretary Scott Bessent, who warned of an “economic D-Day” in an opinion piece published in the Financial Times, is scheduled to hold a press conference in the afternoon. The US has threatened sanctions targeting Iran’s trade partners. Chip stocks sold off, with the Philadelphia SE Semiconductor index falling 2.64 percent to its lowest in three weeks.
Nvidia lost 2.03 percent, Micron Technology shed 5.76 percent and Broadcom slid 1.74 percent, pressuring the S&P 500 Information Technology index.
Financials, however, gained 1.19 percent, with JPMorgan Chase up 1.49 percent and Visa adding 2.64 percent. They also kept the blue-chip Dow afloat.
At 11:55 a.m. ET, the Dow Jones Industrial Average rose 146.59 points, or 0.28 percent, to 53,423.60. The S&P 500 lost 13.52 points, or 0.18 percent, to 7,660.85, while the Nasdaq Composite fell 99.04 points, or 0.38 percent, to 26,081.41.