US stocks closed mixed on Monday as declines in key technology shares outweighed the effect of falling Treasury yields, according to Sina Finance.
The Dow rose 140.14 points, or 0.26%, to 53,417.16, while the S&P 500 fell 21.51 points, or 0.28%, to 7,652.86, and the Nasdaq dropped 200.26 points, or 0.76%, to 25,980.19. Chip stocks weighed on the broader market, with Micron down 5.8%, AMD off more than 3% and Broadcom down 2%. The iShares SOXX ETF fell 2.7%. Other technology names also declined, as Coherent and Lumentum each dropped more than 4%, SanDisk fell 6%, Corning lost nearly 3% and Seagate Technology declined 6.5%.
Among the "Magnificent Seven," Nvidia fell 2.91%, marking its seventh consecutive session of losses and its longest losing streak since 2022. Meta rose 1.66%, Amazon gained 1.33%, Microsoft added 0.84%, Google climbed 0.83% and Apple rose 0.32%, while Tesla fell 3.83%.
Among crypto-related stocks, Robinhood dropped more than 4% and IREN fell 4.9%. Treasury yields eased after media reports that the US Treasury might use its general account to fund buyback operations. The 10-year Treasury yield fell more than three basis points to 4.704%, and the 30-year yield, which topped 5.3% last week to reach a near-two-decade high, fell four basis points to 5.234%.
Treasury Secretary Scott Bessent said last week the department plans to at least double the size of government debt buybacks in the coming months, potentially exceeding the $4 billion announced that week. Rising global bond yields have pressured equities, with rates in Japan, France and Germany climbing to multi-year highs amid investor concerns that a US-Iran conflict could persist, keeping oil prices elevated and lifting inflation.
Sentiment was also hurt Monday after President Trump announced the US will raise tariffs to 50% on "all cars, trucks of any size, auto parts and steel" imported from Canada, effective January 1, 2027. Investors will receive fresh inflation data this week in the form of the July personal consumption expenditures price index, due Wednesday. Artificial intelligence will also be in focus, with Nvidia and Marvell Technology set to report earnings after the close on Wednesday and Thursday, respectively.