Stocks linked to the artificial intelligence rally were pretty much the only winners during Monday’s session.
The Dow fell 410 points, or 0.9%. The S&P 500 was down 0.2%, but only 67 of its members were rising. Most of its biggest winners were AI-linked stocks. The Nasdaq Composite was up 0.2%.
A $38 billion pact between Amazon.com and OpenAI sparked some buying among chip and Big Tech stocks. Wall Street wasn’t seeing any reason to buy the dip in other stocks.
The iShares Semiconductor ETF was up 0.3%, while the Roundhill Magnificent Seven ETF was up 1.4%. The only stocks in the Dow on the rise were Amazon.com, Nvidia, Boeing, Cisco Systems, International Business Machines, and Microsoft.
At the sector level, consumer discretionary, which includes Amazon, and tech were the only major S&P 500 sectors on the rise. Real estate, financials, and materials were all down 1% or more. Eight of the major sectors were down 0.8% or more.