US stocks gave up most of their earlier gains on Monday, with the S&P 500 finishing near unchanged and the Nasdaq slipping 0.4%, while the Dow Jones added 350 points. Weakness in energy and technology shares weighed on the broader market, as investors stayed cautious ahead of the upcoming midterm elections and key labour market data due later this week.
Oil prices moved lower amid rising expectations that the US and Iran could restart peace talks. In equities, Apple fell 2.4% ahead of its earnings release after the closing bell. Other major technology names also came under pressure, with Microsoft down 1.3%, Micron Technology off 5.3%, and AMD losing 6%. ExxonMobil retreated 3.7%.
Oracle sank nearly 8% after unveiling a $10 billion share offering and plans to raise a similar amount through a debt sale. By contrast, consumer discretionary and materials stocks outperformed: Amazon climbed 3.5%, Tesla rose 1.3%, and Walmart advanced 3.1%.