Live markets-US stocks end lower; chip stocks have biggest daily drop since July 1
SPY•Gainers and market snapshot
Among the day's gainers were communication services .SPLRCL and healthcare .SPXHC, with an index of biotech shares .NBI also ending higher on the day.
Here is the closing market snapshot:
U.S. stocks end lower, with tech leading declines
The three major U.S. stock indexes ended lower on Monday, with technology .SPLRCT leading declines following a selloff in chip stocks.
The PHLX Semiconductor Sector index .SOX finished down 5.9% in its biggest daily percentage decline since July 1.
AI commentary and higher yields weigh on sentiment
Weighing on sentiment were comments over the weekend from Anthropic CEO Dario Amodei, calling on AI companies to slow the pace at which they advance model capabilities. OpenAI and xAI leaders also warned of risks from rapid development.
Adding to caution on Monday, the 10-year Treasury yield US10YT=RR hit the 5% mark for the first time since October 2023. Expectations for a U.S. rate hike rose after last week's consumer price data and recent gains in oil prices.
Traders are pricing in a 90% chance that the Federal Reserve will raise interest rates by 25 basis points at its policy meeting on Wednesday, according to the CME's FedWatch tool.
