Stocks ended just below the latest record highs they hit last week as technology companies slipped. The S&P 500 edged down less than 0.1% Monday and the tech-heavy Nasdaq gave up 0.4%. Investors are continuing to focus on the economic recovery as well as concerns about inflation and rising bond yields. Big banks will be in focus as several of them report their latest quarterly earnings in the middle of the week.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
Stocks veered lower in afternoon trading on
The S&P 500 index was down 0.2% as of
Technology stocks were the biggest drag on the market. The sector has been choppy as investors shift money to other industries that could see solid gains as the economy recovers. Rising bond yields have also made technology stock values look pricey after months of big gains.
The slide by technology companies offset gains from banks and a broad mix of companies that rely directly on consumer spending, including Nike and Chipotle.
Investors expect big profits for the major banks, mostly due to rising interest rates and the ability for these banks to move loans that went bad in the early weeks of the pandemic back onto the “good” side of their balance sheets.
The yield on the 10-year
Investors are showing cautious optimism about the economic recovery, especially in the
Alibaba's
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