NEW YORK — U.S. stocks ended mixed as rising oil prices and pressure on technology shares weighed on the broader market. The Dow Jones Industrial Average managed to reverse earlier losses and close slightly higher, while the Nasdaq Composite suffered a sharp decline.
At the close, the Dow gained 51.77 points, or 0.10%, to 51,231.64. The Nasdaq Composite fell 345.35 points, or 1.25%, to 27,193.34, while the S&P 500 declined 36.41 points, or 0.47%, to 7,765.36.
Technology Stocks Come Under Pressure
Technology shares bore the brunt of the selling pressure, dragging the Nasdaq sharply lower. Investors were also assessing the impact of higher oil prices and movements in U.S. Treasury yields, which added to concerns over the outlook for inflation, interest rates and market valuations.
Oil Prices Add to Market Concerns
The rise in oil prices added another layer of uncertainty for investors. Higher energy costs can increase inflationary pressure and complicate expectations for monetary policy, while higher bond yields can make richly valued growth and technology stocks less attractive.
OpenAI Developments Remain in Focus
Market attention also remained on developments surrounding OpenAI and its revenue outlook, as investors continued to assess the rapid expansion of artificial intelligence-related businesses and the implications for major technology companies.
Dow Holds Up Despite Tech Sell-Off
Despite the sharp decline in technology shares, the Dow managed to finish in positive territory, highlighting the divergence in performance across different parts of the U.S. equity market.
Investors are expected to continue monitoring oil prices, Treasury yields, corporate developments and the outlook for interest rates as they assess the next direction for Wall Street.
