The S&P 500 fell on Monday as Wall Street looked like a market rally could gain more momentum within the last week of June.
The S&P 500 lost 0.2 percent while Dow Jones industrial average apartment on sale. The Nasdaq Composite fell 0.7%, dragged down by tech giants Nvidia, Alphabet, Meta Platforms and Tesla.
Tesla shares fell 5% after Goldman Sachs downgraded the electrical automobile maker, citing price adversity. The decision comes after Tesla shares have greater than doubled because the starting of the 12 months.
“We’re seeing a small nibble after the primary week of declines in lots of… and possibly some adjustments to the investment books at the tip of the quarter,” said Keith Lerner, co-investment director at Truist.
The market rally stalled last week, with all major averages breaking a multi-week streak. The Nasdaq Composite fell 1.44%, breaking an eight-week positive streak, while S&P 500 it fell 1.01%, ending a five-week streak. The Dovwhich underperformed in 2023, lost 1.67%.
Market segments are still on course to roll out the banner in the primary half of the 12 months. The high tech Nasdaq Composite gained almost 29% and the S&P gained over 13%. The Dow is lagging behind, gaining lower than 2%.
The last week of June is light by way of economic reports and company profits, that are indicated by, amongst others, Walgreens Shoe Alliance on Tuesday and Nike Thursday.
Traders are also keeping track of Europe after Russia witnessed a transient mutiny by a non-public military group over the weekend. Uncertainty in regards to the situation there can keep the markets in suspense.