Stocks Mostly Fall After the Dow Jones Industrial Average Touches an All-Time High, Then Pulls Back
Stocks mostly fell heading into the close Monday after the $Dow Jones Industrial Average (.DJI.US)$ briefly rallied to an all-time intraday high before pulling back as geopolitical tensions and tech weakness ahead of Nvidia's earnings later this week weighed on Wall Street.
The DJIA hit a record-high 41,420.05 in morning action before trimming its gains to trade at 41,224.11 shortly before 4 p.m. ET, up 49.03 points (0.1%) on the session.
However, the $Nasdaq Composite Index (.IXIC.US)$ was trading lower by 166.06 ticks (0.9%) at 17,711.72 and the $S&P 500 Index (.SPX.US)$ was down 20.94 points (0.4%) at 5,613.67 amid tech-stock weakness.
Chip stocks led the way lower, led by $Super Micro Computer (SMCI.US)$ with an 8.8% decline shortly before the close. $Micron Technology (MU.US)$ likewise fell 4.4%, while $NVIDIA (NVDA.US)$ shed 2.3%.
Chip names apparently eased among uncertainty as to whether Nvidia's earnings later this week will live up to Wall Street's lofty expectations.
Adding to markets' worries, West Texas Intermediate oil for October delivery shot up 3.1% to $77.18 shortly before 4 p.m. ET amid an output shutdown in Libya and weekend military action between Israel and Lebanon-based Hezbollah. Mideast tensions typically send oil prices higher on worries about production interruptions.
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