US stock indexes mostly closed lower on Monday as investors shifted funds away from technology stocks. The Nasdaq fell 1.07 percent to 25,164.32, while the S&P 500 dropped 0.51 percent to 7,541.40. The Dow Jones Industrial Average bucked the trend, rising 0.41 percent to 51,983.98.
Brent and West Texas Intermediate crude both fell sharply. Brent dropped 7.63 percent to $104.77 a barrel and WTI slid 7.36 percent to $96.46. Oil prices fell on hopes that the United States and Iran would resume peace talks.
Tech shares under pressure
Major US indexes had already weakened over the preceding week. Investors were still watching AI-related stocks closely, with concerns over AI spending adding to the pressure on the sector.
Marvell Technology shares fell about 13 percent, while Lumentum dropped 18 percent. Marvell has agreed to acquire Lumentum in a deal valued at $115 billion.
Oil and geopolitics
US Secretary of State Marco Rubio said President Donald Trump had not yet decided to attack Iran. He said Washington preferred to resolve the conflict through peaceful means.
Chris Larkin, managing director of trading and investing at E-Trade, said the long-term bullish outlook for the stock market may face some pressure in recent weeks. He added that the trend remains intact.
Apple was scheduled to release its financial report after the close.
Related: Nasdaq falls 4% as AI spending worries grip Wall Street · Wall Street closes lower as AI spending and energy fears weigh
Data: S&P Dow Jones Indices · Nasdaq
