FX.co ★ US Stocks Cut Most Gains

On Monday, US stocks were unable to maintain their initial gains, with early enthusiasm quickly dissipating. The S&P 500 and Dow Jones Industrial Average remained close to unchanged, while the Nasdaq Composite declined by 0.5%. Technology stocks faced significant pressure due to apprehensions regarding debt-driven investments in artificial intelligence, leading to an underperformance in this sector as well as in energy and communication services. Broadcom continued its downward trend, falling by over 4% after an 11.4% drop on Friday. Similarly, Oracle's shares decreased by 3.7%, Salesforce by 2.9%, and ServiceNow experienced a steep 10% downturn, influenced by reports of the company's consideration of a major acquisition, alongside a downgrade from KeyBanc analysts. Other major technology companies also saw their values decrease, including Apple (-1.4%), Microsoft (-0.8%), Alphabet (-0.3%), and Amazon (-0.9%). Conversely, Nvidia grew by 1.5%, and Tesla made a notable gain of 4.3%. Investors are now preparing for a week filled with significant economic announcements, including the jobs report and Consumer Price Index, both of which are anticipated to shed light on the overall condition of the US economy.