US Stocks Drift Lower As Tech Titans Fall, Oil Pushes Energy Giants Near Peaks, Bitcoin Reclaims $70,000: What's Driving Markets Monday?

It’s a relatively lackluster session Monday on Wall Street, with major indices of large caps in the red, while small caps outperform in a climate where tech titans are losing ground amid the latest negative headlines.

Following the Department of Justice’s opening of an antitrust lawsuit against Apple Inc. AAPL last week, Monday saw European watchdogs launching probes under new digital laws into three companies: Apple, Alphabet Inc. GOOGL and Meta Platforms Inc. META.

While the tech sector suffers, energy stocks continue to advance, benefiting from rising crude prices, with West Texas Intermediate (WTI) jumping 1.4% to $82 a barrel.

The Energy Select Sector SPDR Fund XLE – a gauge tracking U.S. energy stocks – has reached levels last seen in November 2022 and is now less than 2 percentage points off its all-time highs.

Treasury yields moved higher, likely impacted by rising commodity prices given the lack of data influencing interest rates. The yield on a 10-year Treasury note rose to 4.25%, poised to end a four-day losing streak.

On the geopolitical front, shares of Intel Corp. INTC and Advanced Micro Devices Inc. AMD faced a volatile session following reports from the Financial Times stating that China has enacted new guidelines aiming to gradually eliminate the usage of U.S. microprocessors from Intel and AMD in government PCs and servers.

Bitcoin BTC/USD rose over 5%, reclaiming $70,000, a level last seen in mid-March, while gold inched 0.4% higher to $2,180 per ounce.

Monday’s Performance In Major US Indices, ETFs

The SPDR S&P 500 ETF Trust SPY was 0.2% lower to $520.35, the SPDR Dow Jones Industrial Average DIA fell 0.4% to $393.13 and the tech-heavy Invesco QQQ Trust QQQ inched 0.3% lower to $445.17, according to Benzinga Pro data. 

Sector-wise, the Energy Select Sector SPDR Fund was the top performer for the day, up 1.1%, while the Technology Select Sector SPDR Fund XLK was the laggard, down 0.5%.

Monday’s Stock Movers

• Bitcoin-related stocks, including Super Micro Computer Inc. SMCI, Coinbase Global Inc. COIN, and Riot Blockchain Inc. RIOT, surged by approximately 9%-10%.
• Micron Technology Inc. MU rose over 7%, outperforming other chipmaker peers.
• United Airlines Holdings Inc. UAL shares fell by more than 4% after the Federal Aviation Administration announced the company would undergo heightened regulatory scrutiny due to concerns about recent safety lapses.
• Take-Two Interactive Software TTWO saw a sharp decline of over 5% amid rumors suggesting the much-anticipated release of Grand Theft Auto 6 may potentially be delayed beyond its projected 2025 launch window.
• GameStop Corp. GME rallied over 13% ahead of its earnings report scheduled on Tuesday after the market closes.
• Lucid Group Inc. LCID rose 8% after the EV maker secured $1 billion from Saudi’s Public Investment Fund.
• New York Community Bancorp Inc. NYCB fell nearly 5%, as investor sentiment in the troubled regional bank remains weak.

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