Tech earnings take centre stage
Wall Street has ended mixed as investors awaited guidance from major technology companies in a busy week for quarterly earnings, while also worrying that stubbornly high oil prices could force the Federal Reserve to raise interest rates.
Microsoft, Amazon, Meta and Apple are set to report quarterly results this week.
Investors were questioning whether a multi-year rally fuelled by optimism about artificial intelligence may be losing steam. It follows reports last week suggesting investors were spooked by quarterly results from Tesla and Alphabet that showed heavy spending on artificial intelligence.
Oil prices in focus
On Monday, crude fell to a one-week low as US President Donald Trump said his officials were having "good talks" with Iran and there was a chance of a peace deal. But he warned US strikes could resume if the negotiations failed to deliver.
Brent crude prices slid 8.0% to about $US89 a barrel after the US abruptly suspended a two-week campaign of air strikes against Iran on Saturday in Trump's latest strategic U-turn in the five-month-old conflict.
Sectors rise as chips sell off
Seven of the 11 S&P 500 sector indices rose, led by consumer staples, up 1.58%, followed by a 1.25% gain in information technology.
Overall, the S&P 500 edged up 0.02% to end the session at 7,413.18 points, the Nasdaq declined 0.18% to 24,932.08 points while the Dow Jones Industrial Average rose 0.51% to 52,210.08 points.
Eyes on the Fed decision
The Fed's monetary policy decision is due on Wednesday. Traders are projecting a 62% chance the central bank will leave rates unchanged, with a 38% chance of a quarter-percentage-point hike, according to the CME FedWatch tool.
The Personal Consumption Expenditures Price Index for June is due a day after the US central bank's decision and will be key in shaping market expectations for interest rates later this year.
