by Ankika Biswas, Lisa Pauline Mattackal and Carolina Mandl
(Reuters) – The New York Stock Exchange ended in mixed order on Monday as investors seemed to have initiated a rotation of their portfolios to the detriment of securities linked to artificial intelligence, stars of the market for several months, in anticipation of inflation data in the United States on Friday.
This rotation benefited the Dow Jones, which closed at a one-month high, but harmed the S&P-500 and especially the Nasdaq, more exposed to the technology sector. Nine of the 11 major S&P-500 sector indexes rose.
The Dow Jones index gained 0.67%, or 260.88 points, to 39,411.21 points.
The broader S&P-500 lost 15.73 points, or 0.29%, to 5,448.89 points, according to preliminary data.
The Nasdaq Composite lost 192.54 points (-1.09%) to 17,496.82 points.
After several months of dizzying growth that briefly propelled it last week to the rank of the world’s largest market capitalization, Nvidia lost 6.7% following a third consecutive session of decline, with observers citing profit-taking. on the reference manufacturer of semiconductors for AI.
Other stocks in the AI sector suffered, such as Taiwan Semiconductor Manufacturing, Broadcom, Marvell Technology and Qualcomm, which lost between 3.54% and 5.73%.
“The market is selling winners and buying laggards at the moment,” commented Jack Janasiewicz, strategist at Natixis Investment Managers.
Still in AI news, Meta Platforms gained 0.84% following information from the Wall Street Journal according to which Mark Zuckerberg’s group discussed with Apple (+0.31%) the integration of its generative artificial intelligence model into the new AI system for iPhone.
The oil companies, led by the “majors” Exxon Mobil (+2.97%) or Chevron (+2.6%), shone on the basis of positive forecasts for oil demand this summer, which made increase crude prices.
RXO soared 22.96% after announcing its plan to acquire Coyote Logistics, an activity of United Parcel Services (+1.46%), for a little over a billion dollars.
(Written by Ankika Biswas and Lisa Mattackal in Bangalore and Carolina Mandl in New York, French version Bertrand Boucey)
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