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U.S. stocks finished slightly lower on Monday as artificial intelligence stocks extended their recent slide, with investors continuing to rotate away from high-flying tech names ahead of a critical week of delayed economic data.
Market Drivers: 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.
The market wiped out an initial 0.5% gain and moved lower after the opening bell, with megacap tech serving as a source of weakness. Small cap names lagged, with the Russell 2000 trailing the S&P 600.
Sector Performance: Investors moved instead to areas more sensitive to the economy, such as consumer discretionary and industrials. They also loaded up on health-care shares. Energy was the lagging sector as both crude and natural gas continued to slide, while biopharma and managed care names mainly traded higher.
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(Reuters) Activist investment firm Kimmeridge Energy Management has submitted a $6 billion offer to...
WASHINGTON (AP) — Oil companies offered $300 million for drilling rights in the Gulf...
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Mella McEwen | Midland Reporter-Telegram | ExxonMobil has released its updated corporate plan through...
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