S&P 500 turns negative, Nasdaq 100 pares gain to 0.5%.

S&P 500 turns negative, Nasdaq 100 pares gain to 0.5%.

The U.S. stock market experienced a mixed performance on Monday, with the S&P 500 and Dow Jones Industrial Average both turning negative, while the Nasdaq 100 managed to eke out a 0.5% gain [1]. The tech-heavy Nasdaq's slight advance came amid a broader selloff in the technology sector, with more than half of the "Magnificent Seven" tech megacaps set to report earnings next week [2].

The S&P 500 closed slightly below the 5,000 mark, having experienced a two-day decline of 2.6%—the most significant since early 2023 [4]. The Dow Jones Industrial Average also ended the day down 0.3% [1]. Conversely, the Nasdaq 100 managed to recover from earlier losses, with notable gains from Microsoft Corporation (MSFT) and Apple Inc. (AAPL) [3].

The tech sector's selloff was led by Nvidia Corporation (NVDA), which tumbled 10% on Friday following disappointing earnings results [2]. Other notable tech stocks, such as Super Micro Computer Inc. (SMCI), also experienced significant declines [2].

The 10-year Treasury yield continued to rise, touching a 2024 high of 4.63% [4]. Investors have been scaling back expectations for Federal Reserve interest rate cuts this year amid concerns over inflation and the potential for further economic growth.

In summary, the S&P 500 turned negative on Monday, with the Nasdaq 100 barely eking out a gain as the technology sector experienced a broad selloff. The tech sector's performance was driven by disappointing earnings results from companies such as Nvidia, while the 10-year Treasury yield continued to rise.

References:
[1] "LIVE UPDATES | CONCLUDED: Stock Market News, Monday, March 4, 2024: Dow Edges Lower." Barrons.com. March 4, 2024. https://www.barrons.com/livecoverage/stock-market-today-030424/card/s-p-500-turns-positive-on-pace-for-another-record-kwTdBHpUBz7WMpFSzb8h
[2] "‘Mag Seven’ Get Crushed Before Next Week’s Results: Markets Wrap." Bloomberg.com. April 18, 2024. https://www.bloomberg.com/news/articles/2024-04-18/stock-market-today-dow-s-p-live-updates
[3] "The S&P 500 and Dow Jones Industrial Average both turned negative in afternoon trade ahead of a jobs report for March that could help inform the Federal Reserve's path to lower interest rates." MarketWatch.com. April 3, 2024. https://www.marketwatch.com/livecoverage/stock-market-today-dow-futures-rise-as-bond-yields-steady/card/s-p-500-joins-dow-in-turning-negative-hF0AxCbaIdzOgatmeNhy?mod=mw_quote_news
[4] "Ines Ferré Stock market today: S&P 500 falls back under 5,100 as Big Tech leads stock slide." Yahoo Finance. April 3, 2024. https://finance.yahoo.com/news/live/stock-market-today-sp-500-falls-back-under-5100-as-big-tech-leads-stock-slide-200056673.html