Chip Stocks Rise While Broader Market Falls Ahead of Retail Earnings Week

TLDR

• The Dow fell 0.3% and the S&P 500 slipped 0.1% on Monday, while the Nasdaq edged slightly higher
• Over 350 S&P 500 stocks declined even as the index hovered near breakeven, with tech the only rising sector
• Chip stocks led gains, with the iShares Semiconductor ETF rising 2.7%
• Major retailers including Walmart, Target, Home Depot, and Lowe’s report earnings this week
• Traders cut odds of a September Fed rate hike to below one-third as economic data stays mixed

US stocks opened Monday on uneven footing, with the major indexes pointing in different directions as Wall Street digested a busy week ahead of retail earnings.

The Dow Jones Industrial Average dropped around 165 points, or 0.3%, at the open. The S&P 500 slipped 0.1%, coming off its third straight weekly gain. The Nasdaq Composite edged up 0.2%, led by strength in chip stocks.

The Market Is Weaker Than the Headlines Suggest

The surface-level numbers are hiding a broader pullback. More than 350 of the S&P 500’s stocks were in the red on Monday, even as the index itself hovered near flat.

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