Wall Street closes mixed, with notable declines in Nvidia and Tesla.
By sector, the biggest losses were in technology. Within the Dow Jones index, 3M and Coca-Cola stood out with notable gains.
Wall Street’s three main indices closed mixed on Monday. After rising on Friday, driven by a speech from Federal Reserve (Fed) Chairman Jerome Powell, the averages saw limited movement.
The Dow Jones, composed of 30 major companies, gained 0.16% to close at 41,240.52 points. Meanwhile, the S&P 500, which includes 500 stocks, fell 0.32% to 5,616.84 points, and the tech-heavy Nasdaq Composite dropped 0.85% to 17,725.77.
Sector-wise, the largest declines were in technology (-1.12%) and consumer goods and services (-0.81%), while the energy sector led gains (+1.11%). In the Dow Jones, 3M (+1.54%), Coca-Cola (+1.50%), and Walt Disney (+1.35%) were the top performers.
Nvidia shares (-2.25%) led the declines as investors awaited the company’s quarterly earnings report on Wednesday. There is hope that the tech giant can reverse the negative trend seen in recent tech earnings.
On the other hand, Tesla (-3.23%) lost ground after Canada announced plans to impose a 100% tariff on electric vehicle imports from China, following similar actions by the United States and the European Union.
Investors are also awaiting July’s personal consumption expenditures (PCE) price index data on Friday, the Fed’s preferred inflation measure, which could provide clues on the future path of interest rates.
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