Wall St. ends mixed after a day of wavering up and down
Wall Street capped a wobbly day of trading with a mixed finish Monday, giving back some of the market’s gains following a rare winning week.
The S&P 500 slipped 0.3% after shifting between small gains and losses throughout the day. The Dow Jones Industrial Average slipped 0.2% and the Nasdaq fell 0.7%. Shares in small companies rose, while more stocks rose than fell on the New York Stock Exchange.
Declines in technology and communication stocks, and in several big retailers and travel-related companies, weighed on the market. Those losses checked gains in energy stocks and elsewhere.
The market’s uneven finish comes after stocks closed out last week with solid gains and the S&P 500 posted its best day in two years Friday. Stocks rallied last week as pressure from rising Treasury yields let up somewhat and investors speculated the Federal Reserve may not have to be as aggressive about raising interest rates as earlier thought as it fights to control inflation.
Treasury yields rose again Monday. The rebound in stocks last week was largely seen as a reaction to a wave of selling that some market strategists say was perhaps overdone, leaving the market ripe for a rebound.
“There’s quite a bit of noise going on as we get to quarter’s end,” said Tom Hainlin, national investment strategist at U.S. Bank Wealth Management.
“So, it really wasn’t surprising for us to see a bounce last week.” On the other hand, Hainlin said, “we would view that as not necessarily an indication that fundamentally things have gotten better.”
The S&P 500 fell 11.63 points to 3,900.11. The Dow dropped 62.42 points to 31,438.26, and the Nasdaq slid 83.07 points to 11,524.55.
Smaller company stocks bucked the broader market’s decline. The Russell 2000 rose 6.01 points, or 0.3%, to 1,771.74.
European markets also ended mixed. Asian markets closed higher overnight.
Technology and communication stocks were among the biggest drag on the market.
Microsoft fell 1%, while Electronic Arts slid 3.5%.
Several big retailers and travel-related companies also fell. Amazon and Carnival each fell 2.085%.
Those losses checked gains elsewhere in the market, including energy stocks, which rose as the price of U.S. crude oil climbed 1.8%. Exxon Mobil
rose 2.5%.
Robinhood Markets jumped 14% following a published report suggesting that cryptocurrency exchange FTX is considering buying the popular trading app company. In May, FTX CEO Samuel BankmanFried bought a 7.6% stake in Robinhood, according to a filing with U.S. regulators.