The S&P 500 cut some losses Monday, but was kept in check by falling energy stocks on volatile oil prices after traffic resumed in the Suez Canal, while bank stocks slipped on fears of exposure following the reported liquidation of Archegos Capital.
The S&P 500 was 0.1%, the Dow Jones Industrial Average rose 0.18%, or 58 points, the Nasdaq Composite was down 0.26%, but had been down more than 1%.
Energy led the broader market lower, down nearly 2% even as oil prices rebounded from lows amid easing expectations of supply disruptions after the container ship that had blocked traffic at the Suez Canal had been refloated, paving the way for traffic on the key trading route to resume.
Chinese big tech and U.S. media remained under pressure after New York City-based Archegos Capital Management was reportedly forced to sell more than $20 billion worth of shares in margin call on Friday.
Tech stocks, meanwhile, cut some losses even as U.S. bond yields ticked higher, with United States 10-Year rate inching closer to 1.7%.
The so-called Fab 5 tech stocks were mostly in the green. Microsoft (NASDAQ:MSFT) was below the flatline, while Google-parent Alphabet (NASDAQ:GOOGL), Apple (NASDAQ:AAPL), Amazon.com (NASDAQ:AMZN), and Facebook (NASDAQ:FB) were higher.
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