S&P 500 and Nasdaq slip to start the week as Nvidia warning puts brakes on market rally; European stocks close higher as traders assess earnings, economic data
Stocks struggled to hold their ground on Monday, following the S&P 500′s third straight weekly gain, as demand concerns for the semiconductor industry weighed on tech names.
The S&P 500 slipped 0.12% to 4,140.06. The Nasdaq Composite ticked down 0.10% to 12,644.46. The Dow held on to a gain of 29.07 points to close at 32,832.54.
Nvidia announced weaker-than-expected revenue for the second quarter, putting pressure on semiconductor stocks. Shares of the chip giant fell more than 6%, and rival stocks like AMD and Broadcom were also under pressure.
Some clean energy related shares gained after the Senate passed the Inflation Reduction Act. The measure includes billions of dollars aimed at addressing climate change. The House is expected to pass the measure later this week.
The pan-European Stoxx 600 index provisionally closed up 0.8%, with retail stocks adding 2.5% to lead gains as almost all sectors and major bourses climbed into positive territory.
On the data front in Europe, August’s Sentix economic sentiment index for the euro zone rose fractionally from the previous month, but still pointed to a high likelihood of recession across the 19-member common currency bloc.
Source: CNBC, Investing.com