Stocks lost steam in midday trading on Monday after initially rising at the open.
As of 12 p.m. ET, the Dow Jones Industrial Average (^DJI) fell 0.7%, while the S&P 500 (^GSPC) was down about 0.2%. The tech-heavy Nasdaq Composite (^IXIC) remained the only major index in the green, up 0.4% after losing more than 2% last week.
Bond yields edged higher. The yield on the benchmark 10-year Treasury bond hovered around 4.3%, near its highest levels in more than a decade.
The moves come as the Federal Reserve’s interest rate campaign is again set to take center stage in an otherwise sleepy week in markets. Fed Chair Jay Powell is set to speak at an annual gathering of bankers in Jackson Hole, Wyo., on Friday. Last week, concerns about the future path of hikes helped drive market losses.
On the earnings front, the highlight Monday is Zoom (ZM). This week’s highlight will come Wednesday from Nvidia (NVDA), which is looking for an encore after its blowout guidance last quarter. Nvidia stock is up more than 200% so far this year.
Trending tickers
Here are some of the stocks leading Yahoo Finance’s trending tickers page in midday market trading on Monday:
NVIDIA (NVDA): Investors are closely watching the chipmaker ahead of its second quarter earnings results on Wednesday. Shares rose about 5% on Monday, but are up more than 200% on the year amid the AI boom.
Palo Alto Networks (PANW): The stock rose more than 15% on the heels of a surprise earnings beat last week. The company, which decided in early August to shift its earnings announcement to after the bell on Friday, saw shares sink nearly 20% as investors feared the move meant bad news for the cybersecurity giant.
CrowdStrike (CRWD): Fellow cybersecurity company CrowdStrike also saw gains on Monday as investor fears over Palo Alto dissipated, boosting the overall sector. Shares rose 4% in midday trading.
Baidu (BIDU): Shares fell roughly 1% ahead of the company’s second quarter earnings results on Tuesday as sluggish China data and macroeconomic challenges weighed on investor sentiment. Analysts across the board have lowered expectations, citing outlook concerns on revenue and AI cloud growth.