WASHINGTON (dpa-AFX) - Following the strong upward move seen during last Friday's session, stocks turned in a relatively lackluster performance during trading on Monday. Despite the choppy trading, the tech-heavy Nasdaq reached a new three-month closing high.
The major averages ended the day narrowly mixed. While the Dow edged down 1.11 points or less than a tenth of a percent to 42,761.76, the S&P 500 inched up 5.52 points or 0.1 percent to 6,005.88 and the Nasdaq rose 61.28 points or 0.3 percent to 19,591.24.
The choppy trading on Wall Street came as traders awaited any news of U.S.-China trade talks that in London later today that could help ease trade tensions between the two superpowers.
Beijing confirmed that Vice Premier He Lifeng will attend the talks. Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer would likely be present with the U.S. delegation.
Traders were also looking ahead to the release of some key economic data in the coming days, including closely watched reports on consumer price and producer price inflation.
A University of Michigan report on U.S. consumer sentiment and inflation expectations may also impact trading later in the week.
While most of the major sectors ended the day showing only modest moves, semiconductor stocks moved sharply higher on the day, driving the Philadelphia Semiconductor Index up by 2.0 percent to its best closing level in over three months.
Considerable strength was also visible among computer hardware stocks, as reflected by the 1.2 percent gain posted by the NYSE Arca Computer Hardware Index.
Oil service, telecom and networking stocks are also seeing significant strength, while utilities stocks showed a notable move to the downside.
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Monday. Japan's Nikkei 225 Index advanced by 0.9 percent, while Hong Kong's Hang Seng Index jumped by 1.6 percent.
Meanwhile, the major European markets moved to the downside on the day. While the German DAX Index fell by 0.5 percent, the French CAC 40 Index dipped by 0.2 percent and the U.K.'s FTSE 100 Index edged down by 0.1 percent.
In the bond market, treasuries saw modest strength following the steep drop seen last Friday. As a result, the yield on the benchmark ten-year note, which moves opposite of its price fell 3 basis points to 4.480 percent
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