US stock markets presented a mixed picture on Monday, with the Dow Jones Industrial Average holding gains while the S&P 500 slipped into negative territory.
The Dow Jones Industrial Average was up 0.2% at midday, according to one report, while another source indicated the index closed up 0.51%. The S&P 500 slipped 0.2% after starting the day up 0.9%, and the Nasdaq Composite fell 0.5%, completely erasing its 1.1% opening pop.
The technology sector was under pressure after reports that a Shanghai firm has started mass-producing DUV lithography machines and that ChangXin Memory Technologies (CXMT) went public in Shanghai, becoming China's most valuable listed company with a valuation near $490 billion. ASML shares dropped more than 7% on the news. Nvidia fell 4.3%, AMD SK Hynix sank 8.5%, and Micron Technology lost roughly 5%.
Despite the tech drag, some stocks posted gains. Microsoft rose 2.3%, Alphabet added 2.8%, and Apple gained 1.3%. However, Caterpillar was down 4.6%, contributing 243 points to the Dow's decline.
In geopolitical news, the US and Iran agreed to pause military strikes while diplomatic talks resume. Meanwhile, Brent crude dropped approximately 6% to around $86.40 per barrel.
Looking ahead, the Federal Reserve announces its next rate decision on Wednesday. Major earnings reports are also due: Microsoft and Meta Platforms report on Wednesday, followed by Apple and Amazon on Thursday. Alphabet had a disappointing report last week.