(MENAFN- Baystreet.ca) S&P, NASDAQ Slip to Start Week
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Stocks struggled to hold their ground on Monday, following the S&P 500's third straight weekly gain, as demand concerns for the semiconductor industry weighed on tech names.
The Dow Jones Industrials finished positive 29.07 points to 32,832.54
The S&P 500 slipped 5.13 points to 4,140.06.
The NASDAQ Composite dropped 13.1 points to 12,644.46
Nvidia announced weaker-than-expected revenue for the second quarter, putting pressure on semiconductor stocks. Shares of the chip giant fell more than 6%, and rival stocks like AMD and Broadcom were also under pressure.
Some clean energy related shares gained after the Senate passed a $430-billion climate bill, the Inflation Reduction Act, which is expected to be passed by the House later this week.
Treasury prices strengthened, lowering yields to 2.75% from Friday's 2.82%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.46 to $90.47 U.S. a barrel.
Gold prices leaped $14.20 to $1,805.40 U.S. an ounce.
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