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The NASDAQ Composite and S&P 500 fell on Monday, giving up earlier gains, as investors continued to move out of tech stocks and add exposure to other parts of the market.
The Dow Jones Industrial index gained 214.45 points to 51,984.76.
The much-broader index reversed and plunged 38.43 points to 7,541.61.
The tech-heavy NASDAQ also dropped sharply, 272.68 points, or 1.1%, to 25,164.32.
Shares of Nvidia and Meta Platforms dipped 0.5% and 0.7%, respectively. Apple, which reports earnings after the bell, traded 2% lower.
Marvell Technology shares dropped about 12%, while Lumentum shed 18% after the companies announced that Marvell is buying Lumentum in a $115-billion deal.
Oracle shares also declined 8% after the company said it plans to sell $10 billion in common stock as well as $10 billion in bonds to finance its AI buildout.
Gains in so-called old economy stocks such as Sherwin-Williams and Home Deport powered the Dow, rising 5.6% and 3.3%, respectively. Honeywell International, 3M and Boeing were also up more than 2% each.
The U.S. midterm elections will be held on Tuesday, when Democrats are expected to take control of the House of Representatives, while Senate control remains uncertain.
In addition to the closely watched monthly jobs report, a fresh round of earnings releases is also due this week. “Magnificent Seven” member Apple is scheduled to report after the bell on Monday. McDonald’s and Qualcomm are slated to report later in the week.
The moves come after the major U.S. stock benchmarks suffered a losing week, bogged down by selling pressure in tech as investors continued to scrutinize names related to the artificial intelligence buildout.
Prices for the 10-year Treasury inched forward, lowering yields to 4.91% from Friday’s 4.92%. Treasury prices and yields move in opposite directions.
Oil prices plummeted $8.33 to $95.79 U.S. a barrel.
Gold prices improved $56.70 to $3,955.60 U.S. an ounce.
