US stocks close Monday mixed as tech shares raise

The New York stock market closed Monday with a mixed performance, as investors focused on the financial results of major technology companies.

The Dow Jones industrial average lost 36.38 points, or 0.07%, to 51,966.03.

The S&P 500 earned by 0.41%, or 31.29 points, to 7,690.73, while the Nasdaq Composite was up by 1.11%, or 290.85 points, to close at 26,430.89.

The Volatility Index (VIX), often referred to as the market's "fear index," fell 7.95% to 18.4.

Following a sharp sell-off in artificial intelligence (AI) related stocks last week, the technology sector showed signs of recovery, contributing to a mixed trend across the equity markets.

Concerns that high interest rates might limit investments in artificial intelligence infrastructure had exerted pressure on the shares of technology companies last week.

On the first trading day of the new week, shares of chipmakers Micron Technology, Advanced Micro Devices (AMD), and Nvidia rose by 2.97%, 1.76%, and 1.38%, respectively.

Intel shares also climbed 2.4% after analysts at JPMorgan upgraded their recommendation for the company's stock.

Analysts noted that investors are focused on the corporate earnings reports to be released in the US this week, with particular attention being paid to how investments in AI by major tech firms are impacting their financial results.

The financial results to be announced by SpaceX on Tuesday, and by Meta, Tesla, and IBM on Wednesday, are expected to be closely watched.

Other companies set to report their financial results this week include Netflix, General Motors, RTX, United Airlines, Procter & Gamble, and Lockheed Martin. Meanwhile, the trajectory of oil prices and bond yields remains on the radar for investors.

European stocks close higher

European stock markets ended the day mixed as the pan-European Stoxx Europe 600 index was down 0.8% to 639.56 points.

Britain’s FTSE 100 fell 1.08% to 10,764.69, Germany’s DAX 40 decreased 1.18% to 25,319.77, and France’s CAC 40 dropped 1.11% to 7,868.05.

Italy’s FTSE MIB 30 index went down 1.55% to close at 49,086.27, and Spain's IBEX 35 declined 1.49% to close at 19,039.30.