Wall street ended mixed On Monday influenced by concerns about soft smartphone demand weighing on tech stocks and pulling the Nasdaq lower. Fortunately, earnings optimism protected against deeper losses.
Both the S&P 500 and the Nasdaq were dragged down by tech stocks. The world’s biggest contract chipmaker, Taiwan Semiconductor Manufacturing Co Ltd, cut its full-year revenue target because of lower demand for smartphones. The Dow Jones Industrial Average went down 14.25 points, or 0.06 percent, and traded at 24,448.69; the S&P 500 climbed up by 0.15 points, or 0.01 percent, and ended at 2,670.29. the Nasdaq Composite shed 17.53 points, 0.25 percent, and closed at 7,128.60.
10-year U.S. Treasury Yields rose to its highest level since January 2014 amid concerns about the growing supply of government debt and hastening inflation.
Oil prices rebounded from an early slide to finish higher as investors feared U.S. sanctions could dampen Iran’s output. In addition, energy information provider, Genscape, showed a decline in inventories at the Cushing, Oklahoma storage hub for U.S. crude.
Brent crude futures settled up 65 cents, or 0.9 percent, to $74.71 a barrel, after falling as low as $73.13. U.S. West Texas Intermediate crude futures rose 24 cents to $68.64 a barrel, rebounding from a session low of $67.14. The difference between the two benchmarks was at its widest since Jan. 8.
The United States has until May 12 to decide whether it will withdraw from the nuclear deal with Iran and impose new sanctions against Tehran.