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The S&P 500 was little changed on Monday as the market attempted to rebound from a relentless selloff that’s punished tech stocks and pushed the broader market index to the brink of a bear market.
The Dow Jones Industrials found some upward mobility, 12.37 points, to move into lunch hour Monday at 32,209.03.
The S&P 500 settled to within 6.48 points of breakeven to 4,017.41.
The NASDAQ Composite dropped 65.86 points to 11,739.14.
Major tech names continued to take a hit on Monday. Shares of Apple, which fell into a bear market at one point last week, fell 1.5%. Tesla shares dropped 4.5%. Microsoft’s stock price dropped 1%. Shares of Google-parent Alphabet declined 1%.
Other sectors including financials and consumer discretionary were also down at least 1%. Some of the biggest decliners on the Dow included American Express, Salesforce and Walt Disney.
Some notable outperformers on Monday included healthcare stocks. Shares of Eli Lilly surged 5% after Mounjaro was approved by the Food and Drug Administration to treat Type 2 diabetes. The drug is also being investigated for potential use in the treatment of obesity and overweight. Pfizer’s stock price jumped 1.2%, AbbVie’s stock price was up 1.2%.
Energy stocks also made gains, climbing higher on the back of rising oil prices. Exxon Mobil’s stock price climbed 1.9%, Chevron’s surged 2% and ConocoPhillips’ rose nearly 2%.
Elsewhere, shares of Spirit Airlines jumped 12% after JetBlue announced a tender offer to acquire the airline for $30 a share. Carvana’s stock price rose 2% after the used car company issued ex
Treasury prices picked up steam, lowering yields to 2.86% from Friday’s 2.94%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.84 at $112.33 U.S. a barrel.
Gold prices gained $4.60 to $1,812.20 U.S. an ounce.
