S&P 500 flat as Dow slips; Nasdaq 100 edges up
US stock indices trade muted Monday: the S&P 500 is flat, the Dow inches down, and the Nasdaq 100 edges up as AI-related names rise and some traditional sectors lag ahead of earnings.
US stock indices were muted on Monday as fresh confidence in the AI trade weighed against macroeconomic headwinds.
The S&P 500 was flat, while the Dow inched down and the Nasdaq 100 inched up.
AI hyperscalers and infrastructure companies alike rose after strong revenue growth from Anthropic supported the case that AI model development and capital expenditure on datacenters will be sustained in the medium term.
The company posted $11.5 billion in revenue during the second quarter and is meeting with banks for a potential IPO, likely to be the biggest on record.
Memory chip producers Sandisk and Micron jumped 5% and 6%, respectively, while Nvidia and Amazon were slightly higher.
In turn, traditional economic sectors extended the underperformance from last week, with the Dow hovering below the flatline.
Walmart and Home Depot were muted ahead of their earnings this week.