WASHINGTON (dpa-AFX) - After coming under pressure early in the session, stocks fluctuated over the course of the trading day on Monday but largely maintained a negative bias.
The tech-heavy Nasdaq showed a notable decline on the day, ending the session at its lowest closing level in three weeks.
The Nasdaq ended the day off its early lows but still closed down 200.26 points or 0.8 percent at 25,980.19. The S&P 500 also fell 21.51 points or 0.3 percent to 7,652.86.
Meanwhile, the narrower Dow bucked the downtrend and rose 140.15 points or 0.3 percent to 53,417.16 amid strong gains by Visa (V), Walmart (WMT) and Disney (DIS).
The pullback by the broader markets partly reflected weakness among technology stocks, as reflected by the decline by the Nasdaq.
Semiconductor stocks turned in some of the tech sector's worst performances, with the Philadelphia Semiconductor Index tumbling by 2.7 percent.
Shares of Nvidia (NVDA) slumped by 2.9 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 also saw considerable weakness, while outside of the tech sector, energy stocks came under pressure amid a steep drop by the price of crude oil.
Overall trading activity appeared 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 have kept 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 turned in a mixed performance on the day. While the U.K.'s FTSE 100 Index rose by 0.4 percent, the German DAX Index edged down by 0.1 percent and the French CAC 40 Index fell by 0.4 percent.
In the bond market, treasuries regained 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, slid 3.4 basis points to 4.704 percent.
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