The Dow Jones Industrial Average (^DJI +0.38%) rose 0.38% to 51,851 as investors favored value-oriented sectors, while the S&P 500 (^GSPC -0.06%) slipped 0.06% to 7,807 and the Nasdaq Composite (^IXIC -0.44%) fell 0.44% to 27,246 on technology sector weakness.
Today’s Change
Index Level
7,807.24
Gold prices fell 0.64% to $4,167.56 as of U.S. market close, and the 10-Year Treasury yield edged up 0.01% to 5.24%. Communication services and consumer defensive stocks led all sectors, while technology stocks lagged.
Today’s biggest moves
Salesforce gained on an analyst upgrade, and Figs surged over 12% as the healthcare apparel attracted further investor attention — the stock is now up over 30% in the past five days. Sandisk tumbled more than 6% on memory competition concerns, and Lumentum Holdings fell almost 10%, erasing last week’s gains as investors retreated from artificial intelligence (AI) industry stocks. On the flip side, Meta Platforms shares increased following the launch of Muse Wonder, its latest AI model.
What this means for investors
It’s the fourth anniversary of the S&P 500, which has gained over 120% since Oct. 12, 2022, and investors will be watching the final reporting season of the year for resilience and signs that the rally still has further to run. Financial stocks gained ahead of key earnings from major banks this week. It will be a high-impact week, with key inflation data due and oil prices rising. Bond markets were closed today.
Against that backdrop, Tech stocks came under pressure, weighing on the Nasdaq while the Dow gained as investors rotated into cautious sectors. Semiconductor names like like Marvell Technology (MRVL -3.42%) and Semtech (SMTC -10.15%) declined on renewed valuation jitters.
Emma Newbery has positions in Marvell Technology. The Motley Fool has positions in and recommends Bristol Myers Squibb, Figs, Lumentum, Marvell Technology, Meta Platforms, and Salesforce. The Motley Fool has a disclosure policy.
