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US Stocks Start Week Mixed
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Trading Economics-
US stocks were mixed on Monday as losses for chip producers offset gains in broader sectors. The S&P 500 fell 0.3% and the Nasdaq 100 fell over 1%, although the Dow inched higher. AI infrastructure stocks led the losses on persistent uncertainty over the outlook on returns in the sector, with support from incoming LLM developer IPOs offsetting concerns that capital expenditure on chips has been overdone. Micron, Marvell, and Sandisk were between 6% and 10%. Meanwhile, Nvidia dropped 1% ahead of its earnings on Wednesday after the bell, the next catalyst for the AI trade. Meanwhile, energy prices eased but remained elevated as the US pledged to isolate Iran economically. This added to lingering concerns of elevated inflation as high energy prices magnified the impact of high deficit spending and Treasury intervention to buy back bonds. Still, credit services were higher following last week's pullback, with Visa and Mastercard adding 2%.
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