Stock market today: Live updates

Stocks slipped Monday as key tech shares that have led the bull market continued to be dumped by investors.

The S&P 500 lost 0.6%, and the Nasdaq Composite dropped 1.4%. The Dow Jones Industrial Average was the relative outperformer, rising 100 points, or 0.2%, as investors rotated into non-tech shares like Caterpillar, JPMorgan and UnitedHealth. All three benchmarks are down for the last two weeks, with tech shares causing most of the damage.

Palantir and Nvidia, two of the bull market leaders popular with retail investors, shed more than 4% and 3%, respectively — building upon their losses from last week. Nvidia fell nearly 6% during the period, while Palantir lost 11%. Other popular tech shares including Tesla and Micron were also down.

Surging bond yields have been one of the catalysts for the sell-off in growth-oriented shares. The 10-year Treasury yield on Monday touched the highest level since November 2023. Yields surged on Friday following a stronger-than-expected jobs report that cast doubt on further rate cuts by the Federal Reserve.

“With the 10-year yield potentially getting to 5%, I think it’s going to be very hard for the equity market to really gain any meaningful traction here until there’s — at minimum — stability in interest rates,” said Adam Turnquist, chief technical strategist at LPL Financial.

“We don’t think there’s risk for the market going over to bear market territory, but certainly a correction could be in the cards on a short-term basis,” added Turnquist.

Investors are hoping the start of the fourth-quarter earnings season will stabilize markets. Banks including Citigroup, Goldman Sachs and JPMorgan Chase report on Wednesday, while Morgan Stanley and Bank of America will post results on Thursday.

Data this week includes the December consumer price index on Wednesday morning. Before that, investors will parse wholesale inflation with December’s producer price index report on Tuesday.

Stocks are coming off a losing week. The 30-stock Dow and S&P 500 both ended the week 1.9% lower, while the Nasdaq Composite lost 2.3%. All three are now in the red for the young year.