STORY: Stocks ended mixed on Monday ahead of two U.S. inflation reports that could impact Federal Reserve policy this week.
The Dow rose a third of 1%, the Nasdaq rose to within 1% of its all-time high but ended down three-tenths, and the S&P 500 fell a tenth.
While energy stocks topped the benchmark index, most of the so-called great 7 mega-cap technology stocks fell, catching the attention of Mark Ruschini, chief investment strategist at Janney Montgomery Scott.
“This is a day where we're going to see some degree of rotation, which I think is healthy for the market, or perhaps just a heel compared to the outperformance led by competing services in technology and communications on a year-to-date basis. Either it cools down a bit.'' In terms of relative performance. ”
During the session, the excitement around AI helped NVIDIA surpass Amazon.com in market capitalization, making the chipmaker the fourth most valuable company in the United States.
Nvidia ended the day, but Amazon fell.
Meanwhile, traders are waiting for January's consumer price index and producer price index to gauge the prospects for a rate cut this week.
The probability of a rate cut of at least 25 basis points in May has fallen to 57% from more than 95% at the beginning of 2024, according to the CME FedWatch tool.
Other notable stocks included Diamondback Energy, which soared 9% after announcing a $26 billion acquisition of Endeavor Energy Partners, the Permian Basin's largest privately held oil and gas producer.
