Tech Struggles, Energy Soars in Lackluster Market Session

Wall Street experienced a muted session, with major indices declining due to losses in tech giants facing antitrust investigations. Energy stocks gained ground amid rising oil prices, while Bitcoin surged over 5% and gold inched higher. The Energy Select Sector SPDR Fund reached its highest level since November 2022, while the Nasdaq 100 and Dow Jones underperformed.

Market Falters Amidst Tech Headwinds, Energy Sector Shines

Wall Street's Monday session presented a lackluster performance, with major large-cap indices slipping into the red while small caps outperformed. The tech sector weighed heavily on the market, with giants facing scrutiny and negative headlines.

Tech Titans Under Fire

The Department of Justice's antitrust lawsuit against Apple Inc. (AAPL) last week reverberated on Monday, as European watchdogs launched investigations under new digital laws into Apple, Alphabet Inc. (GOOGL), and Meta Platforms Inc. (META). The probes are the latest in a series of challenges to the dominance of these tech behemoths.

Energy Sector Soars

While the tech sector struggled, energy stocks surged, buoyed by rising crude prices. West Texas Intermediate (WTI) jumped 1.4% to $82 a barrel, driving up the Energy Select Sector SPDR Fund (XLE), a gauge of U.S. energy stocks. XLE reached levels last seen in November 2022 and is now within striking distance of its all-time highs.

Treasury Yields Climb

Treasury yields moved higher, likely influenced by rising commodity prices. The yield on a 10-year Treasury note rose to 4.25%, poised to end a four-day losing streak.

Geopolitical Tensions Impact Chipmakers

Shares of Intel Corp. (INTC) and Advanced Micro Devices Inc. (AMD) experienced volatility following reports that China is phasing out U.S. microprocessors from government computers and servers. The move is part of Beijing's efforts to bolster its domestic semiconductor industry.

Bitcoin Rebounds, Gold Inches Higher

Bitcoin (BTC/USD) surged over 5%, reclaiming the $70,000 mark, a level last seen in mid-March. Gold prices also gained, rising 0.4% to $2,180 per ounce.

Major Index Performance

• Russell 2000: 2,087.45, up 0.7%
• S&P 500: 5,226.98, down 0.1%
• Nasdaq 100: 18,295.49, down 0.2%
• Dow Jones: 39,319.41, down 0.4%

ETF Performance

• SPDR S&P 500 ETF Trust (SPY): $520.35, down 0.2%
• SPDR Dow Jones Industrial Average (DIA): $393.13, down 0.4%
• Invesco QQQ Trust (QQQ): $445.17, down 0.3%

Sector Performance

• Energy Select Sector SPDR Fund (XLE): up 1.1%
• Technology Select Sector SPDR Fund (XLK): down 0.5%

Stock Movers

• Bitcoin-related stocks (SMCI, COIN, RIOT): up approximately 9%-10%
• Micron Technology Inc. (MU): up over 7%
• United Airlines Holdings Inc. (UAL): down over 4%
• Take-Two Interactive Software (TTWO): down over 5%
• GameStop Corp. (GME): up over 13%
• Lucid Group Inc. (LCID): up 8%
• New York Community Bancorp Inc. (NYCB): down nearly 5%