Nasdaq 100 Falls 1% as Nvidia Hit Before Earnings: Markets Wrap
- Dow Jones Industrial Average closes at its all-time high
- Oil up as Libyan call to halt sales compounds Mideast tension
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Some of the world’s largest technology companies dragged down stocks after a rally that put the market on the brink of its all-time highs, with Nvidia Corp.’s earnings due in just a few days.
A gauge of the “Magnificent Seven” megacaps slid 1.2%. While more than half of the shares in the S&P 500 gained, the US equity benchmark edged lower on Monday — a consequence of weakness in the tech giants that dominate it. Small caps finished little changed after climbing almost 1% on hopes the bull market will broaden out of big tech as Jerome Powell signaled Friday the Fed will cut rates soon. The Dow Jones Industrial Average rose to a record.