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It’s a relatively lackluster session Monday on Wall Street, with major indices of large caps in the red, while small caps outperform in a climate where tech titans are losing ground amid the latest negative headlines.
Following the Department of Justice’s opening of an antitrust lawsuit against Apple Inc. (NASDAQ:AAPL) last week, Monday saw European watchdogs launching probes under new digital laws into three companies: Apple, Alphabet Inc. (NASDAQ:GOOGL) and Meta Platforms Inc. (NASDAQ:META).
While the tech sector suffers, energy stocks continue to advance, benefiting from rising crude prices, with West Texas Intermediate (WTI) jumping 1.4% to $82 a barrel.
The Energy Select Sector SPDR Fund (NYSE:XLE) – a gauge tracking U.S. energy stocks – has reached levels last seen in November 2022 and is now less than 2 percentage points off its all-time highs.
Treasury yields moved higher, likely impacted by rising commodity prices given the lack of data influencing interest rates. The yield on a 10-year Treasury note rose to 4.25%, poised to end a four-day losing streak.
On the geopolitical front, shares of Intel Corp. (NASDAQ:INTC) and Advanced Micro Devices Inc. (NASDAQ:AMD) faced a volatile session following reports from the Financial Times stating that China has enacted new guidelines aiming to gradually eliminate the usage of U.S. microprocessors from Intel and AMD in government PCs and servers.
Bitcoin (CRYPTO: BTC) rose over 5%, reclaiming $70,000, a level last seen in mid-March, while gold inched 0.4% higher to $2,180 per ounce.
Major Indices | Price | % |
Russell 2000 | 2,087.45 | 0.7% |
S&P 500 | 5,226.98 | -0.1 % |
Nasdaq 100 | 18,295.49 | -0.2% |
Dow Jones | 39,319.41 | -0.4% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) was 0.2% lower to $520.35, the SPDR Dow Jones Industrial Average (NYSE:DIA) fell 0.4% to $393.13 and the tech-heavy Invesco QQQ Trust (NASDAQ:QQQ) inched 0.3% lower to $445.17, according to Benzinga Pro data.
Sector-wise, the Energy Select Sector SPDR Fund was the top performer for the day, up 1.1%, while the Technology Select Sector SPDR Fund (NYSE:XLK) was the laggard, down 0.5%.
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Posted In: $BTC AAPL AMD COIN DIA GME GOOGL INTC LCID META MU NYCB QQQ RIOT SMCI SPY TTWO UAL XLE XLK