Major United States indices finished in a mixed fashion on Monday (Tuesday AEDT) as investors pivoted from technology stocks to non-tech sectors.
The Dow Jones Industrial Average added 358.7 points or 0.9% to 42,297.1, the S&P 500 gained 9.2 points or 0.2% to 5,836.2, while the Nasdaq Composite lost 73.5 points or 0.4% to 19,088.1.
Despite the Dow's gains, all three major indices posted declines over the past two weeks, driven largely by a sell-off in technology stocks.
Retail investor favourites like Palantir and Nvidia continued their downtrend, falling more than 4% and 2%, respectively.
Over the last week, Nvidia has dropped nearly 6%, and Palantir has shed 11%. Other tech names, including Apple and Micron, also recorded losses.
While technology stocks retreated, the energy sector outperformed, rising nearly 2% as oil prices climbed.
Investors are now looking to the upcoming fourth-quarter earnings season for signs of stability. Major banks, including Citigroup, Goldman Sachs, and JPMorgan Chase, are set to report results on Wednesday (Thursday AEDT), with Morgan Stanley and Bank of America following on Thursday (Friday AEDT).
Economic data releases this week include the December consumer price index (CPI) and the producer price index (PPI), offering further insights into inflation trends.
Meanwhile, the ongoing surge in bond yields has weighed on growth-oriented shares, with the 10-year Treasury yield reaching its highest level since November 2023 on Monday. Last Friday, yields spiked following a robust jobs report that raised doubts about potential Federal Reserve rate cuts.