Traders work on the floor of the New York Stock Exchange during morning trading on December 13, 2023 in New York City.
Michael M. Santiago | Getty Images
The S&P 500 and Nasdaq Composite rose on Monday, driven by technology stocks as Wall Street tried to recover from a difficult week. However, the Dow Jones Industrial Average came under pressure as Boeing fell.
The broad market index gained 0.5%, while the Dow lost 47 points, or 0.1%. The Nasdaq fared better, rising 1.1%.
Investors are also buying the decline in the technology sector, the worst performer among S&P 500 groups so far in the new year, as yields fell on Monday. Nvidia rose more than 4.5%, hitting an all-time high, and Amazon rose more than 1.5%, also leading the Nasdaq higher. Apple also saw a rise after Evercore ISI advised its customers to buy due to last week's decline.
Meanwhile, the 10-year Treasury yield fell nearly 4 basis points.
Boeing, which weighed on the Dow, fell more than 8% after dozens of Boeing 737 Max 9 planes were temporarily grounded for inspections after part of an Alaska Airlines flight was canceled.
Wall Street had its first losing week in a decade as mega-cap tech stocks like Apple underperformed and Treasury yields rose. The Dow Jones Industrial Average fell 1.5% this week and the S&P 500 slipped 0.6%. The tech-heavy Nasdaq Composite posted its worst weekly performance since September, falling 3.25%.
This week, traders will get more clarity on the central bank's path to rate cuts. The consumer price index for December is scheduled to be released on Thursday and the producer price index on Friday. This will show whether the Fed's efforts to reduce inflation to 2% are having an impact.