WASHINGTON (dpa-AFX) - Following the rebound seen during last Friday's session, stocks have moved back to the downside during trading on Monday. The Nasdaq and S&P 500 have slid into negative territory, although the narrower Dow is bucking the downtrend.
Currently, the Nasdaq and S&P 500 are off their lows of the session but still in the red. The Nasdaq is down 157.68 points or 0.6 percent at 26,022.78 and the S&P 500 is down 20.77 points or 0.3 percent at 7,653.60.
The Dow, on the other hand, is up by 145.86 points or 0.3 percent at 53,422.87 amid strong gains by Visa (V), Disney (DIS) and American Express (AXP).
The pullback by the broader markets partly reflects weakness among technology stocks, as reflected by the decline by the tech-heavy Nasdaq.
Semiconductor stocks are turning in some of the tech sector's worst performances, with the Philadelphia Semiconductor Index plunging by 3.6 percent.
Shares of Nvidia (NVDA) are slumping by 2.2 percent ahead of the release of the AI giant's second quarter results after the close of trading on Wednesday.
Computer hardware and networking stocks are also seeing considerable weakness, while out of the tech sector, energy stocks are under pressure amid a steep drop by the price of crude oil.
Overall trading activity appear somewhat subdued, however, as traders look ahead to Nvidia's earnings as well as the Jackson Hole economic symposium later this week.
'[Fed Chair Kevin] Warsh is scheduled to deliver keynote remarks on Friday, and markets will be looking for greater clarity on both his assessment of inflation and the broader 'regime change' he has advocated at the Fed,' said Daniela Hathorn, Senior Market Analyst at Capital.com.
She added, 'He has been reluctant to provide conventional forward guidance, meaning the speech may focus more heavily on the Fed's reaction function and longer-term philosophy than explicitly signaling what policymakers will do in September.'
A lack of major U.S. economic data may also be keeping some traders on the sidelines ahead of the release of closely watched readings on consumer price inflation on Wednesday.
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Monday. Japan's Nikkei 225 Index slid by 0.7 percent, while Hong Kong's hang Seng Index slumped by 1.9 percent.
Meanwhile, the major European markets are turning in a mixed performance on the day. While the U.K.'s FTSE 100 Index is up by 0.4 percent, the German DAX Index and the French CAC 40 Index are both down by 0.3 percent.
In the bond market, treasuries are regaining ground after moving notably lower over the two previous sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 4.0 basis points at 4.698 percent.
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