The Nasdaq and S&P 500 fell on Monday, extending losses in tech stocks due to stronger-than-expected job reports. The Dow Jones Industrial Average added 0.78%, while the Nasdaq and S&P 500 dropped 0.7% and 0.07%, respectively.
Oil prices surged 3.4%, reaching $79.2 per barrel, their highest levels since early October. Investors will monitor key inflation indicators this week, including the consumer price index (CPI) and producer price index (PPI).
Nvidia fell 3.7% after new AI rules were unveiled to regulate chip sales to foreign countries. Other tech stocks such as Super Micro Computer and Micron also declined.
In contrast, Lululemon’s shares jumped 2.5% after raising its fourth-quarter earnings and revenue outlook due to stronger-than-expected holiday season performance. The company now expects sales between $3.56 billion and $3.58 billion. Earnings reports from JPMorgan Chase and Goldman Sachs are scheduled for Wednesday, followed by Taiwan Semiconductor and UnitedHealth on Thursday.
Source: https://finance.yahoo.com/news/nasdaq-p-500-slump-bidens-145400978.html