The S&P 500 ended Monday slightly lower as key stocks in the artificial intelligence trade continued to face pressure.
The Dow Jones Industrials lost 41.99 points to finish Monday at 48,416.56.
The much-broader index settled 10.9 points to 6,816.51.
The NASDAQ sank 137.76 points to 23,057.41.
Certain AI stocks bogged down the broader market during Monday’s session, with shares of Broadcom and Oracle — two names that led a rotation away from AI last week — declining more than 5% and more than 2%, respectively. Others like Microsoft also suffered some losses.
Investors moved instead to areas more sensitive to the economy, such as consumer discretionary and industrials. They also loaded up on health-care shares.
Economic data reports could set the tone for the market in the week ahead. November nonfarm payrolls figures are set for release Tuesday, along with October retail sales figures. These reports were delayed due to the U.S. government shutdown that took place in the fall.
Economists are expecting the November nonfarm payroll data to show an increase of 40,000 on the month, which would mark a significant drop from the 119,000 jobs added in September.
Prices for the 10-year Treasury moved slightly lower, raising yields to 4.18% from Friday’s 4.15%. Treasury prices and yields move in opposite directions.
Oil prices slumped 78 cents to $56.66.
Gold prices revived $5.80 to $4,334.10.
