Wall Street ended mixed as slumps in several Big Tech companies offset gains in many other parts of the market.
Because of their huge size, the drops in Apple, Google’s parent company, and other major technology stocks pulled the S&P 500 to a loss of 0.5% Monday even though more stocks rose than fell in the index. The tech-heavy Nasdaq dropped 2.4%, while the Dow Jones Industrial Average rose 1%.
Technology companies have been sliding in recent weeks as investors start to doubt whether the huge gains they made during the pandemic months can continue. Treasury yields rose again.
On Monday:
The S&P 500 fell 20.59 points, or 0.5%, to 3,821.35.
The Dow Jones Industrial Average rose 306.14 points, or 1%, to 31,802.44.
The Nasdaq fell 310.99 points, or 2.4%, to 12,609.16.
The Russell 2000 index of smaller companies rose 10.77 points, or 0.5% to 2,202.98.
For the year:
The S&P 500 is up 65.28 points, or 1.7%.
The Dow is up 1,195.96 points, or 3.9%.
The Nasdaq is down 279.12 points, or 2.2%.
The Russell 2000 is up 228.13 points, or 11.6%.