NEW YORK, New York - U.S. stock markets diverged on Monday as the tech sector came under fire again, while industrial stocks gained ground.
"The stock market's longer-term bullish narrative may have taken some hits in recent weeks, but it's still intact," Chris Larkin, managing director of trading and investing at E-Trade told CNBC Monday. "The challenge has been short-term momentum — stringing together more than a few days without being disrupted by surging oil prices, concerns about AI spending, inflation, or geopolitics."
The Dow Jones Industrial Average led the advance, rising 414.03 points, or 0.80 percent, to close at 52,184.34. The session saw the blue-chip index trade between a low of 52,008.23 and a high of 52,424.91, well above its 52-week low of 45,057.28 and below its 52-week high of 54,744.33, on volume of 312.977 million.
The Standard and Poor's 500 finished essentially unchanged, adding 1.64 points, or 0.02 percent, to 7,581.71. The broad index ranged from 7,554.78 to 7,662.23 during the day, compared with a 52-week low of 6,316.91 and a 52-week high of 7,844.52, on volume of 2.135 billion.
The NASDAQ Composite bucked the trend, slipping 76.48 points, or 0.24 percent, to 25,360.51. The tech-heavy index traded between 25,227.98 and 25,799.46, within a 52-week range of 20,690.25 to 27,722.75, on volume of 5.814 billion.
Analysts noted the split performance reflected rotation into industrial and financial shares that lifted the Dow, while weakness in several large technology names weighed on the Nasdaq. The modest gain in the S&P 500 left the benchmark hovering near the flat line as investors weighed mixed signals ahead of the week's economic data.
Euro, Pound and Franc Climb Monday While Aussie, Loonie and Yen Slip
The euro, British pound and Swiss franc all finished higher against the U.S. dollar on Monday, while the Australian dollar, Canadian dollar and Japanese yen moved lower, according to the latest foreign exchange market quotes.
The euro rose against the dollar, with EUR-USD at 1.1192, a gain of 0.29 percent. The British pound also strengthened, with GBP-USD at 1.3405, up 0.10 percent.
The Swiss franc posted the strongest advance of the major currencies quoted, with USD-CHF at 0.8186, reflecting a 0.78 percent move in the dollar-franc pair.
On the weaker side, the Australian dollar fell, with AUD-USD at 0.6999, a decline of 0.47 percent. The Canadian dollar slipped as USD-CAD stood at 1.3991, a move of 0.12 percent, while the Japanese yen weakened, with USD-JPY at 157.9200, a change of 0.23 percent.
Traders attributed the divergent moves to a mix of regional data and positioning ahead of upcoming central bank commentary, with demand for the euro, pound and franc contrasting with softer sentiment toward the commodity-linked Australian and Canadian currencies, and the Yen.
Global Stock Markets Diverge Monday as Canadian, UK, European, and Asian Benchmarks Post Mixed Results
World stock markets closed Monday's session with a broadly mixed picture, as Canadian, UK, and European indices advanced while several Asian benchmarks retreated, according to the latest closing quotes.
In Canada, the S&P/TSX Composite index posted a strong gain, rising 310.41 points, or 0.87 percent, to 35,930.44. The index moved between 35,682.49 and 36,042.35 during the session, against a 52-week low of 29,530.90 and a 52-week high of 37,069.10, on volume of 158.046 million.
The FTSE 100 in London rose 31.55 points to close at 10,761.33, a gain of 0.29 percent. The session saw the index trade between a low of 10,684.69 and a high of 10,775.92, well above its 52-week low of 9,423.90 and below its 52-week high of 10,989.50.
On the continent, Germany's DAX P climbed 162.88 points, or 0.63 percent, to 25,981.09, having ranged from 25,741.57 to 26,022.26 during the day. France's CAC 40 added 78.27 points, up 0.98 percent, to 8,047.69, trading between 7,944.72 and 8,054.23.
The EURO STOXX 50 I advanced 44.75 points, or 0.73 percent, to 6,176.06, within a range of 6,122.80 to 6,189.68. The Euronext 100 Index gained 5.92 points, or 0.32 percent, to 1,879.99, and Belgium's BEL 20 rose 35.77 points, or 0.61 percent, to 5,876.76.
In Asia, Japan's Nikkei 225 closed down 208.25 points, or 0.33 percent, at 63,081.86, having traded between 62,712.91 and 63,615.32.
The Hong Kong HANG SENG INDEX added 98.90 points, or 0.42 percent, to 23,393.32, after trading between 23,271.26 and 23,543.30. India's S&P BSE SENSEX was a standout performer, surging 1,233.25 points, or 1.66 percent, to 75,692.78. Indonesia's IDX COMPOSITE gained 39.78 points, or 0.79 percent, to 5,096.83, and the FTSE Bursa Malaysia KLCI edged up 3.91 points, or 0.24 percent, to 1,619.51.
In South Korea, the KOSPI Composite Index jumped 128.34 points, or 2.24 percent, to 5,859.08. In mainland China, the SSE Composite Index rose 39.01 points, or 1.08 percent, to 3,638.03 on volume of 702.709 million. The Top 40 USD Net TRI Index in Johannesburg climbed 179.10 points, or 2.80 percent, to 6,575.13.
Elsewhere in the region, Singapore's STI Index fell 72.91 points, or 1.36 percent, to 5,303.83. Australia's S&P/ASX 200 slipped 51.60 points, or 0.58 percent, to 8,856.50, while the ALL ORDINARIES dropped 48.20 points, or 0.53 percent, to 8,977.20.
New Zealand's S&P/NZX 50 INDEX GROSS declined 98.37 points, or 0.71 percent, to 13,698.63.
In Taiwan Monday, the TSEC CAPITALIZATION WEIGHTED ST lost 291.69 points, or 0.65 percent, to 44,920.14, and Israel's TA-125 shed 12.84 points, or 0.33 percent, to 3,923.43.
In the Middle East, Egypt's EGX 30 Price Return Index fell 340.90 points, or 0.70 percent, to 48,403.10 on volume of 202.52 million.
Analysts noted the split performance reflected regional factors, with Canadian, UK and European markets buoyed by gains in financial and industrial shares while some Asian markets digested recent rallies.
(This report incorporates quotes retrieved with the assistance of artificial intelligence).
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