US open: Stocks mixed as tech weakness offsets easing bond pressures

(Sharecast News) - Wall Street trading got off to a mixed start on Monday as weakness across chipmakers outweighed a pullback in Treasury yields.

As of 1500 BST, the Dow Jones Industrial Average was up 0.29% at 53,432.64, while the S&P 500 shed 0.39% to 7,644.77 and the Nasdaq Composite came out of the gate 1.01% weaker at 25,915.92.

The Dow opened 155.63 points higher on Monday, taking a bite out of losses recored in the previous session after the 30year US Treasury yield pushed above 5.3%, hitting its highest level in nearly two decades, while longdated rates in Japan, France and Germany also climbed to multiyear highs.

Tech stocks traded lower at the open, with chipmakers Micron, AMD and Broadcom all lower, offsetting easing Treasury yields after the US Treasury announced that it may tap its General Account to support a buyback programme, nudging the 10year down four basis points to 4.7% and the 30year to 5.23%, having topped 5.3% last week for the first time in nearly two decades. The move follows comments from Treasury Secretary Scott Bessent, who said planned longend buybacks could exceed the $4bn announced earlier in the week.

On the macro front, the Chicago Federal Reserve's national activity index pointed to a further cooling in US economic growth in July, with the headline index slipping to -0.08 from +0.06 in June as most underlying indicators weakened. Three of the four broad categories deteriorated on the month, and two posted negative contributions, while the threemonth moving average eased to -0.04 from +0.01, signalling activity running modestly below trend.

The diffusion index also softened, dropping to +0.05 from +0.09, with 40 of 85 indicators making positive contributions and 45 negative. Production added +0.01, down from +0.04, and sales, orders and inventories contributed +0.02, also easing from +0.04, while employment was a mild offset, improving to -0.01 from -0.05, and personal consumption and housing weakened sharply, swinging to -0.09 from +0.04.

No major earnings were slated for released on Monday.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Visa Inc. (V) $378.71 2.21%

Unitedhealth Group Inc. (UNH) $397.77 2.15%

Walt Disney Co. (DIS) $109.84 1.99%

American Express Co. (AXP) $341.73 1.72%

Salesforce.Com Inc. (CRM) $211.39 1.39%

Amgen Inc. (AMGN) $440.00 1.20%

Apple Inc. (AAPL) $312.00 1.14%

JP Morgan Chase & Co. (JPM) $355.34 1.07%

Coca-Cola Co. (KO) $92.12 0.99%

Verizon Communications Inc. (VZ) $49.91 0.93%

Dow Jones - Fallers

Intel Corp. (INTC) $86.08 -5.36%

Caterpillar Inc. (CAT) $808.05 -2.16%

Boeing Co. (BA) $210.71 -1.49%

Dow Chemical Co. (DOW) $31.67 -1.36%

International Business Machines Corporation (CDI) (IBM) $231.55 -1.35%

Merck & Co. Inc. (MRK) $150.85 -1.25%

Cisco Systems Inc. (CSCO) $110.00 -0.93%

Goldman Sachs Group Inc. (GS) $1,035.50 -0.22%

Chevron Corp. (CVX) $204.86 -0.16%

S&P 500 - Risers

Nucor Corp. (NUE) $255.23 4.81%

VeriSign Inc. (VRSN) $286.98 3.87%

Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $535.35 3.85%

Robert Half Inc. (RHI) $46.16 3.71%

Illumina Inc. (ILMN) $216.24 3.56%

Paychex Inc. (PAYX) $126.25 3.47%

Advance Auto Parts (AAP) $43.67 3.31%

Monster Beverage Corp (MNST) $48.89 3.01%

Jack Henry & Associates Inc. (JKHY) $169.25 2.86%

Fortune Brands Innovations, Inc. (FBIN) $45.95 2.85%

S&P 500 - Fallers

Coterra Energy Inc. (CTRA) $32.56 -8.62%

Western Digital Corp. (WDC) $429.30 -6.82%

Micron Technology Inc. (MU) $902.94 -6.73%

Seagate Technology Plc (STX) $792.57 -5.45%

Intel Corp. (INTC) $85.99 -5.36%

Ipg Photonics Corp. (IPGP) $70.39 -5.07%

Corning Inc. (GLW) $142.31 -4.37%

Lam Research Corp. (LRCX) $300.59 -3.85%

KLA-Tencor Corp. (KLAC) $179.21 -3.71%

Nektar Therapeutics (NKTR) $72.34 -3.68%

Nasdaq 100 - Risers

Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $535.35 3.85%

Illumina Inc. (ILMN) $216.24 3.56%

Paychex Inc. (PAYX) $126.21 3.47%

Monster Beverage Corp (MNST) $48.86 3.01%

Booking Holdings Inc. (BKNG) $212.69 2.68%

DENTSPLY Sirona Inc. (XRAY) $11.12 2.63%

Dollar Tree Inc (DLTR) $133.30 2.30%

Starbucks Corp. (SBUX) $106.68 2.27%

O'Reilly Automotive Inc. (ORLY) $90.74 2.27%

Align Technology Inc. (ALGN) $161.75 2.23%

Nasdaq 100 - Fallers

Qvc Group Inc Series A (QVCGA) $0.34 -13.49%

Western Digital Corp. (WDC) $429.37 -6.82%

Micron Technology Inc. (MU) $903.29 -6.73%

Seagate Technology Plc (STX) $792.74 -5.45%

Intel Corp. (INTC) $85.98 -5.36%

Lam Research Corp. (LRCX) $300.47 -3.85%

KLA-Tencor Corp. (KLAC) $179.32 -3.71%

NetEase Inc. Ads (NTES) $124.61 -3.43%

J.B. Hunt Transport Services Inc. (JBHT) $267.78 -3.42%

Microchip Technology Inc. (MCHP) $73.63 -3.11%