New York Stock Exchange (NYSE) traders and floor officials react to technical issues on the floor on June 3, 2024 in New York City.
Brendan McDermid | Reuters
this Dow Jones Industrial Average Stocks climbed on Monday as investors dumped big technology stocks and moved into other industries such as banks and energy.
this Dow Chemical Up 341 points, or 0.9%. this S&P 500 Index increased by 0.3%, while those dominated by technology stocks Nasdaq Index down 0.3%.
Information technology was the only sector to fall on the day, down 0.8%. Meanwhile, energy, financial and utility stocks all rose more than 1%. Dow components JPMorgan Chase, Goldman Sachs and Chevron all rose more than 1%.
Nvidia The stock fell another 5% after falling 4% last week, snapping an eight-week winning streak. The pullback comes after Nvidia briefly overtook Microsoft as the most valuable company in the United States.
Despite the selloff, the company’s shares are up about 150% this year, making it the second-best performer in the S&P 500.
Larry Tentarelli, chief technology strategist at Blue Chip Daily Trend Report, said Nvidia’s pullback was “pretty healthy.”
“Last week and now, we’ve seen a healthy rotation. It’s actually been a really good pause in tech and a rotation back into some other sectors that have been pulling back,” Tantarelli said.
Enthusiasm around artificial intelligence has significantly boosted markets this year, even as investors grapple with changing expectations for interest rate cuts and an economic slowdown. The S&P 500 is up nearly 15% this year after setting 31 record closings.
Investors will receive key inflation data this week in the form of personal consumption expenditures data for May. The Fed’s preferred inflation gauge will be released on Friday.
As Wall Street heads into the last week of June and the end of the first half of 2024, stocks are enjoying a record-setting week, with the S&P 500 and Nasdaq hitting record highs.
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