Stocks fin­ish day mixed; techs up

Northwest Arkansas Democrat-Gazette - - BUSINESS & FARM - MAR­KET RE­PORT ALEX VEIGA THE AS­SO­CI­ATED PRESS

Wall Street capped a mostly list­less day of trad­ing Mon­day with an un­even fin­ish for U.S. stock in­dexes.

The Stan­dard & Poor’s 500 in­dex rose 2.25 points, or 0.1 per­cent, to 2,427.43. The Dow Jones in­dus­trial av­er­age slid 5.82 points, or 0.03 per­cent, to 21,408.52. The Nas­daq com­pos­ite rose 23.31 points, or 0.4 per­cent, to 6,176.39. The Russell 2000 in­dex of smaller-com­pany stocks lost 7.36 points, or 0.5 per­cent, to 1,408.47.

About as many stocks rose as fell on the New York Stock Ex­change.

Bond prices rose. The yield on the 10-year Trea­sury note fell to 2.37 per­cent from 2.39 per­cent late Fri­day.

Gains by tech­nol­ogy and ma­te­ri­als stocks were mostly out­weighed by losses among real es­tate com­pa­nies, banks and other sec­tors. Macy’s and other big re­tail­ers also took hefty losses.

En­ergy com­pa­nies rose as the price of crude oil re­bounded from an early slide.

In­vestors were mak­ing moves ahead of the next cor­po­rate earn­ings re­port­ing sea­son, which ramps up this week. Tech­nol­ogy stocks were a fa­vorite, with traders ex­pect­ing the sec­tor com­pa­nies to post solid re­sults, said Anas­ta­sia Amoroso, global in­vest­ment spe­cial­ist at J.P. Mor­gan Pri­vate Bank.

“There’s def­i­nitely a pivot go­ing on to earn­ings from some of the trad­ing last week,” Amoroso said, adding that “in­vestors are look­ing for some of the higher growth-op­por­tu­ni­ties and tech def­i­nitely stands out.”

Trad­ing also got off to a mixed start Mon­day com­ing off a broad pickup in ma­jor mar­kets in Europe and Asia.

In­vestors ap­peared to mostly fo­cus on the com­ing start of the sec­ond-quar­ter earn­ings sea­son. The mar­ket ex­pects earn­ings per share growth of about 7 per­cent from com­pa­nies in the S&P 500.

Traders also were look­ing ahead to po­ten­tial news out of the Fed­eral Re­serve later this week. Fed Chair­man Janet Yellen is sched­uled to ad­dress Congress on Wed­nes­day and Thurs­day.

“We’re go­ing through a tran­si­tion phase where in­ter­est rates and Fed pol­icy were very friendly for quite some time and that was the most im­por­tant sup­port for the mar­kets,” said Bruce Bit­tles, chief in­vest­ment strate­gist at Baird. “Now we’re mov­ing more to­ward the re­vival of the global econ­omy, in­clud­ing the U.S., and what that might mean for earn­ings prospects go­ing for­ward, and the mar­kets are now dwelling on that po­ten­tial.”

The S&P 500’s tech­nol­ogy sec­tor, which went through a sell-off a few weeks ago, notched the big­gest gain Mon­day. Chip­maker Nvidia led the group, climb­ing $6.94, or 4.7 per­cent, to $153.70.

Big de­part­ment stores slumped, led by Macy’s. The com­pany was the big­gest de­cliner in the S&P 500, slid­ing $1.60, or 7.1 per­cent, to $21.08.

Pepsi and Delta Air Lines are among the big com­pa­nies set to re­port their lat­est quar­terly re­sults this week. JPMor­gan Chase, PNC Fi­nan­cial Ser­vices Group, Wells Fargo and Cit­i­group re­port earn­ings on Fri­day.

En­ergy fu­tures notched gains. Bench­mark U.S. crude added 17 cents to set­tle at $44.40 a bar­rel in New York. Brent crude, used to price in­ter­na­tional oils, also rose 17 cents to close at $46.88 a bar­rel in Lon­don.

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