US benchmark equity indexes experienced mixed results ahead of Monday's close, with a notable decline in certain technology stocks amidst growing anticipation for inflation data and bank earnings due later in the week. The tech-heavy Nasdaq Composite saw a downturn of 0.8%, closing at 19,018.6, while the S&P 500 decreased by 0.1% to settle at 5,822.3.
Conversely, the Dow Jones Industrial Average managed to rise by 0.8%, finishing at 42,256.5. Among the sectors, utilities and technology experienced the most significant decreases, while energy stocks emerged as the leaders in gains. Shares of Nvidia fell sharply by 2.4%, marking the steepest decline on the Dow, with Apple and IBM also witnessing notable drops in their stock prices.
On the Nasdaq, Palantir Technologies stock plummeted by 4.1%, which represented the second-biggest drop for that index, alongside declines for both Micron Technology and Palo Alto Networks. In the financial sector, major banks including JPMorgan Chase, Bank of America, Wells Fargo, Morgan Stanley, Goldman Sachs, and Citigroup are expected to unveil their quarterly financial results later this week, further influencing market dynamics.
The US 10-year treasury yield edged up by 1.6 basis points, reaching 4.79%, while the two-year rate remained stable at 4.4%. Investors are also looking forward to the official US producer price report for December, due to be released on Tuesday, followed closely by consumer inflation data on Wednesday, which may ripple through the markets.
In commodities, West Texas Intermediate crude oil prices surged by 3.1%, climbing to $78.89 a barrel..