Stocks dip as week of earnings reports begin

A week full of earnings reports and economic data started on a down note, with U.S. stock benchmarks pulled lower by technology and industrial shares. The dollar had its best month since November 2016 while the pound slipped as U.K. Prime Minister Theresa May lost a key ally.

The S&P 500 Index finished Monday at session lows, led downward by stocks including Boeing Co. and Microsoft Corp., while the Nasdaq 100 also sank beneath the weight of broad-based tech declines, including Celgene Corp. Apple Inc., which reports earnings Tuesday, was among the bright spots, as was McDonald’s Corp., which had its biggest gain since October 2015 after reporting solid results.

Some of the inertia in equities may be pinned on recently announced bigticket takeovers. T-Mobile US Inc. sank after unveiling plans to acquire Sprint Corp. for $26.5 billion in stock. Sprint fell on concern the deal will be blocked on antitrust grounds. Verizon Communications Inc. dropped, too. Marathon Petroleum Corp., which intends to buy rival oil refiner Andeavor for more than $20 billion, also declined.

The 10-year Treasury yield held just below 3 percent after the U.S. Commerce Department reported a pickup in consumer spending in March and inflation hit the Federal Reserve’s 2 percent target, reinforcing the outlook for further interest-rate hikes.

Company results and economic numbers, including U.S. employment figures, will continue to roll in this week, while monetary policy and benchmark yields will remain a major focus as the Fed meets for its next rate decision.