Wall Street Closes with Mixed Results as Tech Stocks Weigh on the Nasdaq

Of the 11 sectors in the S&P 500, only technology and consumer discretionary stocks declined during the session, while financials and energy sectors posted the strongest gains.

The S&P 500 ended the day with minimal changes, while the Nasdaq fell on Monday, weighed down by a drop in tech stocks, as investors assessed the likelihood of the U.S. Federal Reserve making significant interest rate cuts this week.

The S&P Technology Index, the best-performing sector this year, lost about 1%, becoming the session’s main drag.

Apple, the largest stock by weight in both the S&P 500 and Nasdaq Composite, dropped after a TF International Securities analyst reported that demand for the iPhone 16 was lower than expected.

Demand concerns also weighed on chipmakers, with Nvidia, Broadcom, and Micron Tech all declining, pushing the Philadelphia Semiconductor Index down roughly 1.5%.

“When people want to raise cash quickly, what do they do? They sell the stocks they can offload rapidly without necessarily triggering a crash. So, they sell Apple, Nvidia, Amazon, and Microsoft to raise a lot of cash,” an analyst explained. “They may want to do this before the Fed makes a move, in case nerves kick in, or simply to have liquidity available for future opportunities.”

The S&P 500 gained 7.07 points, or 0.13%, to 5,633.09, while the Nasdaq Composite lost 91.85 points, or 0.52%, to 17,592.13. The Dow Jones Industrial Average rose 228.30 points, or 0.55%, to 41,622.08.