finance
S&P 500 dips 0.2 percent as AI stocks trim losses
Major U.S. indexes closed lower Monday after chipmakers and other AI-related stocks pared some of their recent declines. The S&P 500, Dow Jones Industrial Average, and Nasdaq composite each finished in negative territory.
Jul 20, 5:21 PM·1m read1 source
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Major U.S. stock indexes closed lower Monday as shares of chipmakers and other companies tied to artificial intelligence trimmed some of their recent losses. The S&P 500 fell 0.2 percent, the Dow Jones Industrial Average dropped 307 points, or 0.6 percent, and the Nasdaq composite slipped less than 0.1 percent.
performance Nvidia rose 0.2 percent after falling on Friday.
Sandisk gained 2.7 percent and Advanced Micro Devices climbed 1.6 percent after announcing an expanded partnership with Microsoft that includes use of its products for AI starting in the second half of the year. The S&P 500 finished at 7,443.28, the Dow Jones Industrial Average at 51,839.26, and the Nasdaq composite at 25,508.07.
prices and inflation Brent crude settled at $89.22 per barrel, up 1.3 percent, after swinging between $86 and $91. The average U.S. gasoline price has moved back above $4 per gallon. The yield on the 10-year Treasury rose to 4.59 percent from 4.55 percent on Friday. The average 30-year mortgage rate reached its highest level in nearly a year.
company moves AMC Entertainment jumped 26.8 percent after reporting stronger quarterly revenue than expected. Domino’s Pizza rose 2.1 percent on stronger spring revenue. A federal judge ordered Warner Bros. Discovery and Paramount to halt their $81 billion merger for at least two weeks.
Warner Bros. Discovery shares fell 3.8 percent. Jersey Mike’s began a roadshow for an initial public offering planned at $21 to $25 per share on the New York Stock Exchange.
