S&P, Nasdaq slip as tech stocks weigh | Reuters - Firstpost
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S&P, Nasdaq slip as tech stocks weigh | Reuters

Updated: Mar 7, 2016 23:15 IST

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The S&P 500 and the Nasdaq were lower on Monday as declines in technology shares outweighed gains in energy and materials stocks.

However, a rise in shares of Caterpillar and Dupont pushed the Dow into positive territory.

An upbeat jobs report on Friday helped the S&P 500 and the Dow Jones industrial average record their first four-day winning streak in about five months.

The Dow closed above 17,000 on Friday for the first time since January, while the S&P was just shy of 2,000, levels that traders consider psychologically important.

"Equities are in somewhat of a pause mode this morning following a performance last week that was largely an unexpected surprise," said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management in Minneapolis.

At 10:55 a.m. ET (1555 GMT), the Dow Jones industrial average was up 14.72 points, or 0.09 percent, at 17,021.49, the S&P 500 was down 3.33 points, or 0.17 percent, at 1,996.66 and the Nasdaq Composite index was down 15.82 points, or 0.34 percent, at 4,701.21.

Five of the 10 major S&P sectors were lower.

Crude prices extended gains and were up more than 3 percent, pushing the energy sector up 1.16 percent and materials sector 1.02 percent.

Apple, Alphabet, Facebook and Microsoft pulled down the S&P 500 and the Nasdaq.

A string of upbeat data from major economies and stabilizing commodity prices have helped improve sentiment ahead of a relatively quiet week in terms of data for Wall Street as corporate earnings season draws to a close.

Investors will also keep a close eye on comments by Fed Board Governor Lael Brainard and Vice Chair Stanley Fischer, who are due to speak at separate events on Monday, for clues on the central bank's view on the economy.

Shares of Micron Technology were down 2.4 percent at $11.60 after Nomura cut its rating on the stock to "reduce".

Valeant Pharmaceuticals was up 7.2 percent at $65.75. The Canadian drugmaker, which had delayed the release of its results last week, said it would report fourth-quarter numbers next week.

Urban Outfitters was up 2.6 percent at $28.38 ahead of its results after the close.

Advancing issues outnumbered decliners on the NYSE by 1,689 to 1,159. On the Nasdaq, 1,729 issues rose and 910 fell.

The S&P 500 index showed 7 new 52-week highs and one new low, while the Nasdaq recorded 18 new highs and 18 lows.

(Reporting by Abhiram Nandakumar in Bengaluru; Editing by Anil D'Silva)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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