Wall Street ends mixed as investors focus on tech earnings

STORY: Wall Street ended mixed on Monday, with the Dow gaining half a percent, the S&P 500 virtually flat and the Nasdaq dropping marginally.Investors awaited earnings results from Big Tech companies this week, including Microsoft, Amazon, Meta and Apple. Of the four, only Apple has seen significant gains this year, with investors concerned about future returns on massive AI spending.Skyler Weinand is chief investment officer at Regan Capital."If they don't come out and beat [estimates], they're going to sell off even further. You're going to see some profit taking. You're going to see some hedge funds and retail [investors] potentially pack it in for the rest of the year, sitting up 10 to 15%. I don't blame them. // I don't really see the opportunity for these companies that have run so much over the past 18 to 24 months on that AI build out. I don't see that as a huge buying opportunity. I would rather be looking at some of the companies that have fallen behind a little bit. Auto manufacturers are having their day right now. Defense companies are having their day. Some of these companies that will continue to print earnings regardless of what comes from AI build out."The Philadelphia semiconductor index extended its recent selloff, falling more than 2%. It is down 21% from its record high close on June 22 but remains up 63% in 2026.Chinese chipmaker CXMT's stellar debut on Monday and a report that the country has started manufacturing homegrown deep ultraviolet chipmaking tools also signaled intensifying competition for the U.S. semiconductor industry.Meanwhile, oil prices slid after President Donald Trump said the administration was having "good talks" with Iran, but warned that U.S. strikes would resume if the negotiations failed to deliver.Shares of Occidental Petroleum fell more than 4% and Exxon Mobil also closed lower.Traders this week will also turn their attention to Tuesday's start of the Federal Reserve's two-day policy meeting, with traders projecting a more than 60% chance that the central bank will leave rates unchanged, according to CME's FedWatch tool.