Dow, S&P 500 make modest gains, Nasdaq loses out
• The Nasdaq Composite dropped by 51.45 points, or 0.4%, at 11,782.67
US stocks flipped between modest gains and losses as investors await a Federal Reserve policy meeting that’s expected to include another outsize rate hike.
The Dow Jones Industrial Average rose by 90.75 points, or 0.3%, to 31,990.04. The S&P 500 crawled up 5.21 points, or 0.1%, at 3,966.84. The Nasdaq Composite dropped by 51.45 points, or 0.4%, at 11,782.67.
Last week, the Dow rose 2%, while the S&P 500 gained 2.6% and the Nasdaq Composite advanced 3.3%.
Stocks closed lower on Friday, after the S&P 500 index briefly broke above 4,000 for the first time since June 9, with shares of technology companies tumbling after Snap’s results. The drop in tech stocks continued on Monday as investors continued to worry about declining digital ad spending in the current economic climate.
Market movers
The 10-year Treasury yield rose 3.8 basis points to 2.819%, the largest one-day gain in almost a week.
Meanwhile, Bitcoin dropped 2.8% to trade near $22,122.
Shares of Tesla (NASDAQ: TSLA) fell by 1.5% after the SEC asked the company to provide information on its “governance processes around compliance with the SEC settlement” related to CEO Elon Musk’s 2018 tweet about taking the company private at $420 a share.
Shares of Weber Inc. (NASDAQ: WEBR) finished lower by 12.7% after the grill maker issued a sales warning for its third quarter and announced the departure of its chief executive, Chris Scherzinger.
Also read:
US inflation jumps to 9.1%, highest rate since 1981 as consumer pressures intensify
