Technology Pushes US Equity Indexes Lower in Final Leg of Trading

MT Newswires Live12-16 04:47

US equity indexes fell, with technology emerging as the steepest decliner ahead of the close on Monday.

The Nasdaq Composite fell 0.4% to 23,061.3, with the S&P 500 down 0.2% to 6,815.9, and the Dow Jones Industrial Average 0.1% lower at 48,405.6. Technology and energy led the decliners. Health care, utilities, and consumer discretionary were the gainers.

Broadcom (AVGO) and Oracle (ORCL), which triggered last week's tech sell-off, extended losses, down 5.7% and 3%, respectively. Wolfe Research cut its price target on Oracle to $250 from $275. Broadcom shares slid even after firms such as Macquarie, President Capital, and Rothschild & Co raised their price targets, a sign of investor skittishness.

Meanwhile, in company news, Tesla (TSLA) signed a framework agreement with energy and communications services firm SPIE for the installation of its Megapack battery energy storage systems in Europe, according to a SPIE statement. Shares of Tesla jumped 4.2%, the top gainer on the Nasdaq.

In economic news, the National Association of Home Builders' monthly housing market index rose to 39 in December from 38 in November, in line with a Bloomberg survey and a third straight monthly gain. The index is still down from the 46 print recorded a year earlier.

Most US Treasury yields fell, with the 10-year yield down 1.6 basis points to 4.18% and the two-year yield 2.5 basis points lower at 3.51%.

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