The US stock market closed in a mixed bag on Monday as investors sold off technology stocks, kept a close eye on Iran-related negotiations, and waited for crucial inflation data that could impact the Federal Reserve's future decisions.
The S&P 500 fell 0.37% and closed at 7,472.79, showing weakness across the broader market. The Nasdaq Composite dropped 1.32% to 26,166.60, mainly due to heavy selling in several large technology companies. In contrast, the Dow Jones Industrial Average was the only major index to finish higher, gaining 148.01 points, or 0.29%, thanks to strong performance from industrial stocks.
Micron Technology shares hit an all-time high after the company announced a multi-year strategic agreement with AI startup Anthropic. The deal excited investors ahead of Micron's earnings report scheduled for Wednesday. Anthropic has agreed to secure memory chip supplies from Micron through a multi-year arrangement, reducing uncertainty about future sales.
Oil prices fell further after the US Treasury Department allowed Iranian oil sales for the next 60 days. Brent crude oil dropped 3.31% to close at $77.90 per barrel, while US West Texas Intermediate crude fell 2.32% to close at $74.82 per barrel.
Top gainers included Apogee Therapeutics, The Baldwin Insurance Group, and Oruka Therapeutics, while top losers were Space Exploration Technologies Corp., Regencell Bioscience Holdings Limited, and Alamos Gold Inc.
The market action showed a clear split between sectors, with technology stocks facing strong selling pressure while some industrial stocks provided support to the broader market. Investors are now focused on upcoming inflation data, which could offer clues about the Federal Reserve's next interest-rate decisions and potentially influence market direction in the coming days.
