US stocks dip as traders take risk off the table ahead of inflation report
The S&P 500 fell 0.2%, the Nasdaq 100 gave back 0.4%, and the Russell 2000 declined 0.1% on Monday.
US stocks ended Monday near session lows as traders scaled back risk ahead of inflation data due out Tuesday morning.
The S&P 500 fell 0.2%, the Nasdaq 100 gave back 0.4%, and the Russell 2000 declined 0.1%.
Energy and tech were the two worst-performing S&P 500 sector ETFs, while communication services and consumer discretionary stocks posted solid gains on the day.
News out of CNBC that the US-China trade truce has been formally extended for another 90 days did little to move markets, as this outcome had been well telegraphed in advance.
Tesla was far and away the best performer among the Magnificent 7 cohort after CEO Elon Musk said the company’s robotaxi offering would be publicly available next month. GM also rose on reports that it was getting back into the autonomous vehicles game.
Nvidia and AMD were little changed on news that they had received export licenses to send AI chips to China once again in exchange for sending 15% of revenues generated from those processors to the US government.
Micron rallied as management told the world that it’s doing way better than anticipated this quarter, boosting its revenue and adjusted earnings-per-share guidance to levels above what any Wall Street analyst had been forecasting.
Weed stocks like Tilray, Cronos Group, Canopy Growth, and SNDL soared after The Wall Street Journal reported that President Trump is considering reclassifying marijuana as a less dangerous drug.
Paramount Skydance struck a seven-year, $7.7 billion deal for the US streaming and broadcast rights for UFC, sending its shares lower and those of UFC owner TKO up double digits, the best advance of any S&P 500 component on Monday.
Retail darling SoundHound AI’s hot run following earnings continued, with shares surging amid a bevy of bullish options bets.
Elsewhere in retail favorites, AMC rose after the theater chain reported better-than-expected second-quarter results that included a 150% year-on-year rise in adjusted EBITDA.
e.l.f. Beauty jumped after Morgan Stanley upgraded its rating to “buy” and raised its price target following last week’s earnings results.
Clover Health popped double digits on news that its cofounder bought nearly $1 million in company stock.
