S&P 500 Declines as SpaceX, Alphabet, Meta Slide
The S&P 500 declined on Monday, primarily due to declines in technology stocks and SpaceX, while Wall Street is closely monitoring upcoming inflation data that is of significant interest to the Federal Reserve.
The broad market index fell by 0.3%, while the Nasdaq Composite dropped 1.1%. In contrast, the Dow Jones Industrial Average gained 144 points, or 0.3%, largely driven by a 3% increase in Caterpillar’s stock.
The rise was led by Caterpillar (3.50%), Amgen (2.12%) and JPMorgan (2.01%). On the downside, the decliners were Amazon (-4.62%), Nike (-4.42%) and Microsoft (-3.20%).
Major technology companies contributed to the market’s downturn. Alphabet’s shares fell 6% amid concerns about talent departures in the artificial intelligence sector.
Amazon and Meta Platforms saw their stocks decrease by 4.6% and 2%, respectively, while Microsoft shares also declined by 3.2%. SpaceX was another notable underperformer, with its stock dropping by 10%, marking its third consecutive day of losses.
On a more positive note, Micron Technology outperformed, rising by 5% ahead of its quarterly report scheduled for release on Wednesday. Other chipmakers also posted gains, with Advanced Micro Devices rising 1% and Intel rising 4%.
Asian markets were more resilient. Japan’s Nikkei 225 surged to a fresh record above 72,000, gaining 2%, while South Korea’s Kospi added 1.2%. Apparently, not every market received the same memo about being cautious.
Investors continue to balance two forces: strong tech-and-AI momentum on one side and uncertainty in the Middle East on the other. #S&P 500 Declines as SpaceX, Alphabet, Meta Slide Excess Liquidity Expands by 37% as Banks Lock N5trn in SDF
