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The S&P 500 wavered on Monday as key stocks in the artificial intelligence trade continued to face pressure.
The Dow Jones Industrials went south 116.82 points to move into Monday afternoon at 48,341,23.
The much-broader index settled 11.86 points to 6,815.55.
The NASDAQ sank 90.44 points to 23,104.73.
Certain AI stocks bogged down the broader market during Monday’s session. Shares of Broadcom and Oracle declined more than 4% and more than 2%, respectively.
Others like Microsoft also suffered some losses.
Those moves came after the S&P 500 and Nasdaq fell last week, as those two stocks led a rotation away from AI. The S&P 500 lost 0.6% last week, while the NASDAQ shed 1.7%.
The Dow, which is less exposed to tech and AI than the other two benchmarks, rose 1.1%.
Oracle plunged 12.7% for the week, while Broadcom shed more than 7%. The S&P 500 tech sector dropped 2.3%.
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 polled by FactSet 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 83 cents to $56.61.
Gold prices dumped $2.80 to $4,325.50.
