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Tech Rotation Hits Stocks
U.S. stocks fell at Monday’s close as investors continued to shift away from technology. The Nasdaq dropped 1.07% and the S&P 500 fell 0.51%, while the Dow Jones rose 0.42%, supported by traditional companies’ shares. Oracle fell 8% after announcing plans to raise $20 billion through a share and bond offering to fund its expansion in artificial intelligence. Marvell dropped 12% after announcing its acquisition of Lumentum in a $115 billion deal. The shift came as investors scrutinized AI companies’ spending amid concerns about inflation and geopolitical tensions. Brent crude fell 7.63% to $104.77 a barrel.
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