Following a positive start early in the session, stocks have lost momentum in recent trading on Monday. The major indexes have retreated from their session highs, with the Dow Jones Industrial Average dipping into the red.
As of now, the major indices are displaying a mixed performance. The Dow has declined by 112.15 points, or 0.3%, standing at 39,891.44. Meanwhile, the S&P 500 has gained 9.54 points, or 0.2%, to reach 5,312.81, and the Nasdaq Composite has risen by 101.78 points, or 0.6%, to 16,787.74.
Significant strength can still be observed among semiconductor stocks, evidenced by a 2.1% surge in the Philadelphia Semiconductor Index. Notably, Micron Technology (MU) has been a leading stock, climbing 3.1% following an upgrade from Morgan Stanley, which raised its rating from Underweight to Equal Weight.
Nvidia (NVDA), a prominent player in artificial intelligence, has also seen a 2.5% increase ahead of its fiscal first-quarter earnings report set to be released after Wednesday's market close.
Gold stocks are performing well today, with the NYSE Arca Gold Bugs Index showing a 1.8% gain, driven by a rise in gold prices.
Meanwhile, software and computer hardware stocks are exhibiting strength, contributing to the Nasdaq's advance. Conversely, oil producer stocks have declined in line with falling crude oil prices.
Overall, most major sectors are experiencing modest movements. Traders appear hesitant to make significant bets due to a lack of major U.S. economic data being released today.
The economic calendar is relatively light this week, although reports on durable goods orders, new and existing home sales, and the minutes from the latest Federal Reserve meeting might garner some interest.
In the Asia-Pacific region, stock markets mostly trended upward on Monday. Japan's Nikkei 225 Index increased by 0.7%, and China's Shanghai Composite Index rose by 0.5%.
European markets also saw gains. The U.K.'s FTSE 100 Index edged up by 0.1%, while Germany's DAX Index and France's CAC 40 Index both advanced by 0.4%.
In the bond market, treasuries are continuing their decline from the previous two sessions. Consequently, the yield on the benchmark ten-year note, which moves inversely to its price, has risen by 1.6 basis points to 4.436%.