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S&P 500(SNPINDEX:^GSPC) slipped 0.09% to 7,158.70, the Nasdaq Composite(NASDAQINDEX:^IXIC) fell 0.26% to 24,772.02, and the Dow Jones Industrial Average(DJINDICES:^DJI) eased 0.23% to 49,118.56 as geopolitical tensions weighed on stocks.
Market movers
In megatech, Apple, Meta Platforms, Microsoft, and Amazon traded lower this morning. All are due to report quarterly earnings this week. Meta may have slipped on news that China would block its $2 billion acquisition of Manus, an artificial intelligence (AI) startup.
Memory stocks such as Micron Technology(NASDAQ:MU) and Sandisk(NASDAQ:SNDK) continued to gain. Domino’s Pizza(NASDAQ:DPZ) tumbled following disappointing earnings.
What this means for investors
Stocks slipped this morning, putting the brakes on after last week’s rally. Oil prices rose after the planned U.S.-Iran peace talks did not take place over the weekend, reducing risk appetite. Passage through the Strait of Hormuz, a crucial waterway for the world’s oil, remained restricted. There are growing concerns that the impact of the closure will move beyond oil and push up the cost of food, medicine, and other products.
There’s a slew of upcoming earnings reports from tech leaders due this week, which will give investors more direction on AI developments, particularly whether valuations are overstretched and the sustainability of recent highs. The Federal Reserve will begin a two-day meeting tomorrow. While it is expected to leave rates unchanged, markets will be watching its economic commentary closely.
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Emma Newbery has positions in Amazon and Apple. The Motley Fool has positions in and recommends Amazon, Apple, Domino’s Pizza, Meta Platforms, Micron Technology, Microsoft, and Tesla. The Motley Fool has a disclosure policy.
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