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(Sharecast News) - Major indices closed lower on Monday as artificial intelligence names traded lower ahead of the publication of a number of major US economic reports this week.
At the close, the Dow Jones Industrial Average was down 0.09% at 48,416.65, while the S&P 500 shed 0.16% to 6,816.57 and the Nasdaq Composite saw out the session 0.59% weaker at 23,057.41.
The Dow closed 41.49 points lower on Monday, extending losses recorded in the previous session as investors rotated out of artificial intelligence stocks, just a day after the blue-chip index finished at a fresh record high.
AI stocks weighed on the Street on Monday session, with Broadcom and Oracle leading declines, down more than 5% and 2%, respectively, as last week's rotation away from the sector continued. Traders instead shifted into economically sensitive areas, picking up consumer discretionary and industrial names, while healthcare stocks also saw increased demand.
Multiple key US economic data points will be released this week, with delayed reports set to be published following the autumn government shutdown. On Tuesday, November's non-farm payrolls figures will be published alongside October retail sales data, while November's consumer price index will be released on Thursday. The reports will provide investors with fresh insight into the state of the US labour market, consumer spending and inflation trends heading into yearend.
On Monday's macro slate, the New York Empire State manufacturing index dropped to -3.9 in December, according to the Federal Reserve, down from a one-year high of 18.7 in November and worse than expectations of 10, pointing to a return to contraction after two straight months of expansion.
Elsewhere, the National Association of House Builders' housing market index inched higher in December, hitting 39, increasing from 38 in November, but stayed below the 50 threshold for a 20th straight month, with builders continuing to battle with increased construction costs, economic and tariff risks, as well as muted buyer demand as a result of ongoing affordability concerns.
No major corporate earnings were released on Monday.
Reporting by Iain Gilbert at Sharecast.com