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US stocks waver as tech companies slip and oil prices fall
AP News • • business
Key Points:
- The S&P 500 declined 0.1% and the Nasdaq fell 0.4% as major technology stocks slipped for a third consecutive day, while the Dow Jones rose 0.3%, supported by other sectors.
- Nvidia and Micron Technology saw significant declines ahead of Micron's earnings report, with concerns growing over stretched valuations in AI-focused tech companies driving the market.
- Oil prices dropped sharply amid U.S.-Iran war negotiations, leading to notable losses for energy companies like Exxon Mobil and Chevron.
- Homebuilders surged following the approval of favorable legislation, with KB Home and D.R. Horton posting strong gains.
- Treasury yields fell slightly, easing pressure on stocks, but elevated rates and upcoming inflation data keep markets cautious about potential Federal Reserve interest rate hikes.
