S&P 500 inches lower as Middle East tensions outweigh tech gains
Markets weighed US-Iran tensions, while investors will keep a close eye on chipmakers' results for signs of whether the tech-driven momentum can last.
The S&P 500 experienced a slight decline on Monday as concerns over US-Iran tensions overshadowed gains in the technology sector. The index fell 0.14% to 7,775.01, while the Dow Jones Industrial Average dropped 0.31% to 53,567.95. However, AI startup Anthropic reported strong revenue forecasts, which provided some relief for tech stocks.
Meanwhile, chipmakers led the gains with Micron Technology and SanDisk rising 4.5% and 6.7%, respectively. The Nasdaq Composite remained flat at 26,726.73, with traders closely watching Nvidia's performance for signs that tech-driven momentum can continue. Analysts noted that more clarity on AI investments was alleviating fears of a potential AI boom followed by a bust.
Inflation data helped keep the S&P 500 near a record high, with a nearly 31% chance of a Fed rate hike next month, down from nearly even odds a week ago.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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