NEW YORK, March 4 (Xinhua) -- U.S. stocks ended lower on Monday, even though semiconductor stocks continued their strong performance from Friday.
The Dow Jones Industrial Average fell 97.55 points, or 0.25 percent, to 38,989.83. The S&P 500 declined 6.13 points, or 0.12 percent, to 5,130.95. The Nasdaq Composite Index lost 67.43 points, or 0.41 percent, to 16,207.51.
Seven of the 11 primary S&P 500 sectors ended in green, with utilities and real estate leading the gainers by going up 1.64 percent and 1.07 percent, respectively. Meanwhile, communication services and consumer discretionary led the laggards by dropping 1.51 percent and 1.27 percent, respectively.
Despite broader losses, Nvidia's strong gains in the artificial intelligence sector provided some support. Super Micro Computer jumped after being added to the S&P 500. Bitcoin-related stocks also rose alongside the cryptocurrency's climb. However, Apple and Tesla declines due to an EU fine and price adjustments weighed down the tech sector.
Bank of America (BofA) Global Research has revised its year-end projection for the S&P 500 index, raising the target to 5,400. This represents a potential 5 percent increase from current levels.
"We see potential for improved margin stability from here as companies shift from global cost arbitrage and free capital-driven growth to efficiency/productivity," said Savita Subramanian, BofA's chief U.S. equity strategist.
The revised outlook echoes the predictions of other leading financial institutions, including Barclays, UBS, and Goldman Sachs, which anticipate the index to finish the year within the 5,200 to 5,400 range.
As part of its quarterly rebalance, S&P Dow Jones has announced that Super Micro Computer and Deckers Outdoor will join the S&P 500. They will replace Whirlpool and Zions Bancorp, with changes taking effect at the start of trading on March 18.
This week, investors will be focused on Federal Reserve Chair Jerome Powell's testimony for hints about interest rates. Wednesday brings ADP employment and job openings data, while Friday features key manufacturing and nonfarm payroll reports. ■
