US equity indexes experienced a varied trading session after midday Monday, reflecting declines in the technology and communication services sectors. The Nasdaq Composite, a benchmark heavily weighted towards tech stocks, saw a decrease of 0.4%, landing at 19,456.1. Conversely, the Dow Jones Industrial Average exhibited positive momentum, rising by 0.4% to reach 43,586.8, while the S&P 500 managed a marginal increase of less than 0.1%, marking a level of 6,018.2 following an earlier dip. Intraday sector performance saw most categories trending upwards, particularly healthcare, financials, and real estate, which led the gainers.
This divergence in sector performance indicates shifting investor sentiment amid broader market fluctuations. In the realm of economic indicators, notable developments were reported. The Dallas Federal Reserve's monthly manufacturing index fell to minus 8.3 in February from the previous month's reading of 14.1.
This value was a stark contrast to market expectations, which projected a more modest level of 6.4 according to a survey compiled by Bloomberg. The decline in the index suggests a troubling shift back towards contraction, opposing earlier readings from the Empire State and Philadelphia Fed that hinted at expansion. Within the bond market, US Treasury yields traded mixed.
The 10-year yield slipped 1.4 basis points to 4.41%, while the two-year yield remained relatively flat at 4.19%. Such fluctuations in bond yields often mirror investor confidence and market stability, creating ripples through various asset classes. On the corporate side, Amgen ($AMGN) announced plans to invest an initial $200 million this year in a new technology center located in southern India, as reported by Reuters.
Chief Executive Officer Robert Bradway outlined the significance of this investment in enhancing the biopharmaceutical company’s digital capabilities through AI and data science. Following this news, shares of Amgen saw a notable uptick, climbing 2.3% intraday, making it the top performer on the Nasdaq. In another significant development, Jefferies has upgraded Nike ($NKE) from hold to buy, revising its price target up from $75 to $115.
This enhanced rating proved favorable for the sportswear retailer, which witnessed a substantial intraday increase of 5.1%, marking it as the top performer on both the S&P 500 and Dow indices. In commodities, West Texas Intermediate crude oil futures experienced a lift of 0.4%, settling at $70.69 per barrel after previously hitting their lowest point for the year last Friday.
Meanwhile, gold futures recorded a mild increase of 0.2%, reaching $2,958.10, whereas silver prices declined by 1.3%, falling to $32.91. Overall, the mixed performance in US equity markets mirrors underlying economic shifts and corporate developments that are shaping the investment landscape moving forward..