VanEck Vectors Semiconductor (SMH) stumbled close to 2%, nearing a potential test of its 50-day moving average line. IShares PHLX Semiconductor (SOXX) also fell nearly 2%. Both are less than 8% off their 52-week highs and could offer a chance to add shares if they make a solid rebound off their respective 50-day lines.
Component stock Advanced Micro Devices dropped 2.5% in heavy volume but continues to consolidate well above its 50-day line. Goldman Sachs on Monday reiterated a sell rating on the chip designer and MKM Partners reiterated a hold rating, according to TipRanks.
Technology Select Sector SPDR (XLK), which also holds AMD, was down 0.9%. Alphabet ( GOOGL ) fell nearly 2% amid news the European Union imposed a $2.7 billion antitrust fine on Google for manipulating search engine results.
IShares Biotechnology (IBB) gave up 1% to slip back into the top of a buy range from a 303.84 flat-base entry cleared last week. Utilities and telecom were also under pressure.
Oil plays bucked the decline as West Texas intermediate crude prices rose 2% to $44.19 a barrel. SPDR S&P Oil & Gas Exploration & Production (XOP) and VanEck Oil Services (OIH) were up 0.8% and 0.5%, respectively. Both are trying to snap a six-month downtrend.
SPDR Gold Trust (GLD) and iShares Gold Trust (IAU) each climbed about 0.3%, as gold futures climbed 0.1% to $1.247.80 an ounce. Silver prices and ETFs also advanced.
Another bright spot was SPDR S&P Retail (XRT), up 0.5% as it too, attempts to stem a recent slide. Banks were higher ahead of the results of the second part of their stress tests, due out Wednesday. Homebuilders also gained.
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