It was a mixed session for the US markets on Wall Street as the Dow Jones fell for the eighth day running, notching its longest losing streak since 2018. However, big tech shares, barring Nvidia, propelled the Nasdaq to another record high.
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The tech-heavy index gained 1.2% on Monday, followed by the S&P 500’s 0.4% advance. The Dow Jones ended 110 points lower.
All the ‘magnificent seven’ stocks barring Nvidia advanced on Monday, with gains also coming from Broadcom. Another 11% advance for the stock after Friday’s 24% surge took the two-day gains to 38%. Broadcom is the latest addition to the trillion-dollar market cap club.
Nvidia, on the other hand, that has led the gains on Wall Street for a better part of 2024, has now slipped into ‘correction territory’, meaning a 10% drop from its recent peak. Yet, the stock is up over 170% for the year. ‘
The 10-year Treasury yield was little changed at 4.40%. Bitcoin hit a fresh record.
Sentiment in the US is relatively positive, with a widely expected quarter-point rate cut from the Federa