US stocks came off session lows Monday afternoon thanks to an advance in big technology companies, though broader gains were kept in check after last week’s euphoria over the potential for interest-rate cuts faded.
The S&P 500 Index slipped 0.1% as of 12:21 p.m. in New York, after leaping 1.5% on Friday for its first gain in six sessions to trade just shy of records. The Nasdaq 100 Index turned 0.2% higher, with artificial-intelligence darling Nvidia Corp. rising 2.1% ahead of its earnings on Wednesday. Intel Corp. jumped 1.8% after the US agreed to take a 10% stake in the chipmaker. A basket tracking the Magnificent Seven stocks including Apple Inc. and Meta Platforms Inc., rose 0.9%.