Wall Street opened the new trading week on a mixed note after investors sold shares heavily on Friday. The Dow Jones Industrial Average gained nearly 1% to 52,215 points, while the S&P 500 was almost unchanged at 7,585. The Nasdaq stood at 25,383 points, down 0.2%, and the Nasdaq 100 slipped slightly to 28,256 points.
Technology stocks remain under pressure after disappointing quarterly results from several major companies triggered Friday’s sell-off. The Nasdaq recorded its weakest month in a year and a half in October, losing 5.3% overall. The Philadelphia Semiconductor Index fell 15.3%, following a revised forecast from chipmaker Intel. Intel shares lost half their value over two days.
“Investors remain willing to buy market dips, but confidence in the technology sector is fragile after a weak October,” said Daniela Hathorn, senior market analyst at Capital.com. She said upcoming technology earnings would be crucial for the market’s direction.
Apple is due to release its quarterly results after the market closes. The company overtook chipmaker Nvidia on Friday to become the most valuable publicly traded company again. Apple shares have gained roughly a quarter since June, adding about $1 trillion to its market value.
Apple’s results are being closely watched because the company has benefited less than some of its competitors from the large-scale expansion of artificial-intelligence infrastructure, according to Hathorn. Investors are also focusing on the US midterm elections, with several issues relevant to financial markets expected to influence trading during the week.
Sources: Handelsblatt.