US Stock Markets Today: S&P, Nasdaq Erase Gains After Positive Start; Apple, Google Among Key Drags
Microsoft, Amazon stocks also edged lower in early trade, whereas Nvidia and Tesla were among the notable gainers.
The main US stock market indices slipped into the red after positive start, with heavyweights like Google-parent Alphabet Inc. and Apple Inc. among the early laggards.
As of 10:09 a.m. EST or local time, S&P 500 and Nasdaq Composite erased gains to trade 0.29% lower at 6,822.76 and 0.30% lower at 23,126.79, respectively. Meanwhile, the Dow Jones Industrial Average was flat at 48,426.76.
Notably, the S&P had opened with around 0.27% gains, whereas the Nasdaq Composite was up 0.6% in the early minutes. The Dow Jones Industrial Average had also logged gains of about 0.36% immediately after the opening bell.
Investors have their sights on key set of economic data to be released this week. The market is expecting to see subdued inflation and stronger momentum in economic activity.
The Magnificent Seven stocks traded mixed, with bellwether company Nvidia Corp. up 1.46% to $177.54, Apple down 1.35% at $274.52, Alphabet down 0.58% at $307.82, Tesla Inc. rising 4.37% to $479.04 and Meta Platforms up 0.31% at $645.76.
Furthermore, the shares of Microsoft Corp traded 0.36% down at $476.97 and Amazon.com Inc. also traded 0.55% lower at $225.04.
The yield on 10-year Treasuries declined three basis points to 4.16%
The US dollar fell 0.2% against major currencies. The Euro rose 0.1% to $1.1752, while the British Pound rose 0.2% to $1.3392 and the yen gained 0.5% to reach 155.04 per dollar.
In commodities, spot gold rose for a fifth session, up 0.49% to $4,318.30 an ounce, while spot silver prices rose 2.20% to $63.24 per ounce. In the crude basket, West Texas Intermediate dropped 0.80% to $56.79 a barrel, while Brent Crude fell 0.70% to $60.66 a barrel.
Bitcoin, the largest traded cryptocurrency, rose 1% to $89,343.2.
