NEW YORK: Wall Street stocks were mixed Monday as investors await more earnings from major US tech firms, while Nvidia pulled back amid lingering worries about the amount of money poured into artificial intelligence.
Around 10 minutes into trading, the Dow Jones Industrial Average added 0.3 percent to 49,030.40, while the broad-based S&P 500 was flat at 6,940.31.
The tech-focused Nasdaq Composite Index lost 0.1 percent at 23,440.44.
“Earnings so far have been good, but there’s still questions about the artificial intelligence trade and they linger into this week because we have more of the ‘Magnificent Seven’ reporting,” said Art Hogan of B. Riley Wealth Management.
He was referring to a term covering seven US tech giants, including AI chipmaker Nvidia and Google parent Alphabet.
Among those due to report earnings this week are Amazon and Alphabet.
READ MORE: Wall Street Week Ahead: Heavy earnings week, jobs data to test US stocks after Microsoft swoon
In the meantime, Nvidia shares were down around 2.1 percent in early trading.
This followed a Wall Street Journal report that the company’s plans to put up to $100 billion into OpenAI had stalled, after some people in the chip giant expressed doubts about the agreement.
Oracle shares surged nearly 1.0 percent after it said that it plans to raise up to $50 billion this year to fund AI infrastructure buildout – a move aimed at meeting growing client demand.
Entertainment giant Disney tumbled 6.5 percent despite quarterly earnings that showed its streaming services gaining momentum and record theme park revenue.
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