Stocks were near unchanged in early trading Monday after a solid week of gains that pushed major indexes back to record levels, as investors braced for key economic data in the coming days.
The Dow Jones Industrial Average (DJI) was down fractionally in recent trading, while the S&P 500 (SPX) and the Nasdaq Composite (IXIC) each rose less than 0.1%. The tech-heavy Nasdaq closed at record highs in each of the previous two sessions, while the benchmark S&P 500 index finished Friday’s session fractionally below its first record high since July 28.
The major indexes turned in their best weekly performances since June last week as concerns about tariffs and the health of the economy moderated, while expectations that the Federal Reserve will cut interest rates soon have increased. Investors will be paying close attention to economic data this week—in particular reports on consumer prices and wholesale inflation that are scheduled to be released tomorrow and Thursday, respectively—as they look for signs of how tariffs are feeding through the economy.
Chip stocks were in focus this morning following reports that Nvidia (NVDA) and Advanced Micro Devices (AMD) are expected to give the U.S. government a 15% share of revenues from certain chips sold in China in exchange for export licenses. AMD shares were flat after bouncing between gains and losses at the open, while shares of Nvidia, the company with the largest market capitalization in the world, fell slightly.
Other mega-cap technology stocks were mostly lower this morning. Apple (AAPL) shares were down 1% after three straight days of big gains, while Microsoft (MSFT), Alphabet (GOOG), Amazon (AMZN) and Meta Platforms (META) also lost ground. EV maker Tesla (TSLA) was a notable exception, rising nearly 4%, while chips giant Broadcom (AVGO) tacked on about 1%.
Shares of beleaguered chipmaker Intel (INTC) jumped 4% in early trading following reports that CEO Lip-Bu Tan is set to visit the White House, days after President Donald Trump called for his resignation.
Shares of cryptocurrency exchange Coinbase Global (COIN) were up 5.5%, while major bitcoin buyer Strategy (MSTR) and bitcoin miner MARA Holdings (MARA) each climbed more than 4% as the price of bitcoin surged. The digital currency was trading at $120,300 recently, up from about $117,000 on Friday afternoon, after rising as high as $122,300 overnight. Bitcoin is closing in on its record high of just over $123,200, set in mid-July.
Gold futures were down 2.4% at $3,410 an ounce this morning, after hitting a record high late last week. The precious metal, which had been supported by hopes for an interest rate cut and reports that gold bars would be subject to tariffs, started losing ground on Friday when the White House indicated that bullion would not face import levies.
West Texas Intermediate futures, the U.S. crude oil benchmark, rose 0.6% to $64.25 per barrel, stabilizing after seven straight days of decline that had taken prices to their lowest levels since early June.
The yield on the 10-year Treasury, which affects borrowing costs on all sorts of loans, was at 4.28%, unchanged from Friday’s close. The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, was up 0.3% at 98.43.