Wall Street ends mixed before tech earnings
Wall Street closed today, Monday, with mixed performance as investors await major technology companies' earnings reports this week, amid concerns that rising oil prices may increase the likelihood of raising U.S. interest rates. Companies such as Microsoft, Apple, Amazon, and Meta are expected to announce their quarterly results this week. Last week, Tesla's and Alphabet's earnings revealed continued heavy spending on artificial intelligence, fueling worries about the momentum of the technology sector. Oil prices fell to a one-week low on reports of positive talks with Iran and the possibility of reaching a peace agreement, while chip stocks came under pressure due to competition from China and a 20% decline in the Semiconductor Index from its June high, despite a 63% rise since the beginning of the year. Defense and basic commodities sectors posted gains, as markets continue to deal with the risks posed by geopolitical tensions and volatile oil prices.
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