(CNBC) — Stocks struggled to hold their ground on Monday, following the S&P 500′s third straight weekly gain, as demand concerns for the semiconductor industry weighed on tech names.
The S&P 500 and Nasdaq Composite dipped 0.1%. The Dow Jones Industrial Average clung to a gain of 29 points, or 0.1%. Stocks initially rose in morning trading but lost ground as the day progressed.
Nvidia announced weaker-than-expected revenue for the second quarter, putting pressure on semiconductor stocks. Shares of the chip giant fell more than 6%, and rival stocks like AMD and Broadcom were also under pressure.