Wall Street stock indices were mixed on Monday following a selloff in precious metals.
Prices of gold slumped as much as 6% and silver slid 10% before recovering some losses.
At 09:46 a.m. ET, the Dow Jones Industrial Average rose 0.48% to 49,129.46. The S&P 500 gained 0.14% to 6,948.69, while the Nasdaq Composite lost 0.07% to 23,447.57.
At 09:30 a.m. ET, the Dow Jones Industrial Average fell 52.74 points, or 0.14%, to 48,849.03. The S&P 500 lost 14.90 points, or 0.22%, to 6,923.46, and the Nasdaq Composite lost 92.34 points, or 0.39%, to 23,380.75.
Investors were awaiting more corporate earnings and major economic data including, non-farm payrolls, JOLTS, and PMI figures, this week.
Among those due to report earnings this week are Amazon, Google parent Alphabet, and AMD.
In the bond market, Treasury yields edged higher after a report said that US manufacturing grew last month.
The yield on the 10-year Treasury erased an earlier dip and rose to 4.27%, up from 4.26% late on Friday.
Key Stock Movers
Nvidia shares declined 1.02% after a Wall Street Journal report said that the AI chipmaker’s plans to put up to $100 billion into OpenAI had stalled.
Among other megacap stocks, Tesla was down more than 2%, Meta Platforms lost 1.1%, and Microsoft fell 0.58%.
Oracle shares gained 1.26% after saying it plans to raise up to $50 billion this year to fund AI infrastructure buildout.
Disney stock tumbled 6% despite the entertainment giant’s quarterly earnings showed its streaming services gaining momentum and record theme park revenue.
Shares of Exxon Mobil and Chevron fell 1.6% each, tracking a decline in crude oil prices.
Bullion Market
Gold and silver prices extended decline on Monday following last week’s sharp selloff after US President Donald Trump nominated Kevin Warsh as the next Federal Reserve chair to replace Jerome Powell.
By 09:10 a.m. ET (1148 GMT), spot gold was down 3% at $4,718.35 an ounce. US gold futures for April delivery were steady at $4,740.90 an ounce.
Spot silver fell 3.3% to $81.75 an ounce. Spot platinum fell by 1.4% to $2,132.55 per ounce, while palladium shed 2.7% to $1,743.93.
Crude Oil
Oil prices plunged on Monday as geopolitical risk premiums faded after President Trump said Iran was “seriously talking” with Washington, signaling de-escalation and easing supply disruption worries.
The Islamic Republic’s foreign ministry said it hopes diplomatic efforts will avert a war.
Brent plummeted more than 5% at one point and was trading near $66 a barrel, while US crude futures also nosedived.
