Wall Street today: US stocks mixed as funding bill averts partial shutdown, Nvidia gains 1.6%, Qualcomm climbs 2.8%

US stocks were mixed on Monday, as a stopgap government funding bill averted a partial shutdown.

The United States Congress on Saturday passed spending legislation, minutes after the funding expired, which could have prompted shutdown.

At 11:07 a.m. the Dow Jones Industrial Average fell 247.19 points, or 0.58 per cent, to 42,593.07 and the S&P 500 lost 5.47 points, or 0.09 per cent, to 5,925.38. The Nasdaq Composite gained 52.79 points, or 0.27 per cent, to 19,625.38, buoyed by gains in chipmakers and megacap stocks. 

At 09:45 am ET, the Dow Jones Industrial Average fell 132.48 points, or 0.32 per cent, to 42,704.92, the S&P 500 gained 1.04 points, or 0.01 per cent, to 5,931.36, and the Nasdaq Composite gained 57.63 points, or 0.31 per cent, to 19,630.23.

At the open, the Dow Jones Industrial Average fell 39.8 points, or 0.09 per cent, to 42800.49. The S&P 500 rose 9.4 points, or 0.16 per cent, to 5940.25, while the Nasdaq Composite rose 68.5 points, or 0.35 per cent, to 19641.05.

Among megacap stocks, Nvidia gained 1.6 per cent, Meta Platforms added 1.4 per cent, and Apple was down 0.05 per cent.

Qualcomm stock climbed 2.8 per cent after a jury found its central processors are properly licensed under an agreement with UK-based Arm Holdings.

Broadcom stock jumped 3.9 per cent.

Shares of video-sharing platform Rumble soared 41.5 per cent after the company said it has got a strategic investment of $775 million from cryptocurrency firm Tether.

Eli Lilly shares gained 1.6 per cent after the US Food and Drug Administration (FDA) approved the drugmaker’s weight-loss treatment, Zepbound, for obstructive sleep apnea.

In the bond market, The yield on the 10-year Treasury rose to 4.55 per cent from 4.53 per cent late on Friday.

Markets will close early on Tuesday for Christmas Eve and will remain shut on Wednesday for Christmas.

Crude oil

Oil prices were stable on Monday after losses last week.

Brent crude futures were down by 38 cents, or 0.52 per cent, to $72.56 a barrel by 1300 GMT. US West Texas Intermediate crude futures were down 34 cents, or 0.49 per cent, to $69.12 per barrel.

Bullion

Gold prices edged lower on Monday, weighed down by a robust US dollar.

Spot gold was down 0.3 per cent at $2,612.58 per ounce, as of 10:05 am ET (1505 GMT). US gold futures eased 0.7 per cent to $2,627.60.

Spot silver was steady at $29.52 per ounce.