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Stocks slipped Monday as key tech shares that have led the bull market continued to be dumped by investors.
The Dow Jones Industrials stayed positive 42.21 points to break for lunch Monday at 41,973.66, as investors rotated into non-tech shares like Caterpillar, JPMorgan and UnitedHealth.
The S&P 500 Index dropped 45.58 points to 5,781.46.
The NASDAQ Composite slipped 294.37 points, or 1.5%, to 18,867.26.
All three benchmarks are down for the last two weeks, with tech shares causing most of the damage.
Stocks are coming off a losing week. The 30-stock Dow and S&P 500 both ended the week 1.9% lower, while the NASDAQ Composite lost 2.3%. All three are now in the red for the young year.
Palantir and Nvidia, two of the bull market leaders popular with retail investors, shed more than 4% and 3%, respectively — building upon their losses from last week. Nvidia fell nearly 6% during the period, while Palantir lost 11%. Other popular tech shares including Tesla and Micron were also down.
Investors are hoping the start of the fourth-quarter earnings season with stabilize markets. Banks including Citigroup, Goldman Sachs and JPMorgan Chase report on Wednesday, while Morgan Stanley and Bank of America will post results on Thursday.
Data this week includes the December consumer price index on Wednesday morning. Before that, investors will parse wholesale inflation with December’s producer price index report on Tuesday.
Prices for the 10-year Treasury sank, lifting yields to 4.80% from Friday’s 4.76%, its highest level since late 2023 after the jobs report. Treasury prices and yields move in opposite directions.
Oil prices gained $2.29 to $78.86 U.S. a barrel.
Prices for gold slipped $30.90 an ounce to $2,684.10 U.S.
