US stock markets finish mixed as tech shares drop

Major United States stock indexes recorded a mixed finish on Monday while remaining near record levels. CommBank and The Business Journal both reported that a slide in technology stocks dragged the market, even as rising oil prices supported energy shares. The S&P 500 slipped 0.1 per cent, and the Nasdaq composite fell 0.4 per cent. The Dow Jones Industrial Average gained 0.4 per cent, according to CommBank. [1][8]

Roughly 64 per cent of companies in the S&P 500 saw share price increases on Monday, CommBank reported. Communication services stocks led those gains. Meta Platforms rose 3.4 per cent, T-Mobile added 2.2 per cent, Verizon Communications increased 2.7 per cent, and AT&T gained 1.4 per cent. Chevron also rose 1.4 per cent alongside gains in energy stocks, CommBank noted. [1]

The S&P 500 reached a record high on Tuesday and remains up 14 per cent so far this year, CommBank reported. Wall Street is a physical street in Lower Manhattan, New York City, that serves as a common metonym for the American financial services industry and the United States financial markets. The financial center encompasses major investment banks, brokerages, and the New York Stock Exchange, which lists over 2,400 companies. [1][10][11]

Financial market analysts held varying outlooks regarding tech and financial sectors following the trading session. Fidelity representative Denise Chisholm stated that technology stocks experienced a large valuation reset while earnings expectations continued to rise, Bloomberg Tech reported. Meanwhile, Baird Senior Research Analyst David George told Bloomberg Tech that regional banks could potentially outperform larger Wall Street institutions as artificial intelligence capital markets cool. [3][4]