Wall Street bounces higher as chip stocks gain

USA stocks turned lower Monday, weighed down by declines in industrial and energy shares.

Rapid gains in technology stocks have already powered the Nasdaq.IXIC back to its record levels.

The Dow Jones Industrial Average closed 157.13 points, or 0.62 per cent lower, at 25,178.61, the S&P 500 lost 3.55 points, or 0.13 per cent, to 2,783.02 and the Nasdaq Composite added 27.51 points, or 0.36 per cent, to 7,588.32. Microsoft was among the worst-performing stocks on the Dow, falling 2.4 percent. Earlier in the session, tech rose as much as 0.9 percent.

The report also showed moderating wage growth, mitigating fears of runaway inflation that could prompt the Federal Reserve to hasten its pace of interest rate hikes.

Trump last week softened his stance on tariffs by exempting Canada and Mexico, and negotiations were ongoing as the European Union and Japan also seek exemptions.

Traders of US short-term interest-rate futures kept bets the Federal Reserve will stick to three rate hikes this year.

A month ago, the markets were gripped by fears of higher wages leading to price pressures, triggering a selloff that dragged the main indexes to correction territory. However, trade turned lacklustre through the course of the session as investors exercised caution ahead of data on inflation, retail sales, housing and industrial production, due in the coming days.

The tech-heavy Nasdaq, by contrast, gained around 0.4 percent, helped in part by what traders read as further signs of official disapproval of Broadcom's $117 billion bid for USA graphics chipmaker Qualcomm.

Broadcom gained 3.4 percent while shares in Qualcomm were flat.

Oclaro (OCLR.O) jumped 25 percent and was the most traded stock premarket after laser and optical fiber specialist Lumentum Holdings (LITE.O) said it would buy the optical components producer for $1.7 billion.

Advancing issues outnumbered declining ones on the NYSE by a 1.22-to-1 ratio; on Nasdaq, a 1.45-to-1 ratio favored advancers.

Oil prices traded lower as Brent crude futures fell 0.61 percent to trade at $65.09 per barrel, while US WTI crude futures declined 0.50 percent to trade at $61.73 a barrel.

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