Stocks Subside After Record-Setting Week


The Dow Jones Industrial Average retreated Monday as traders took a breather from a rally that brought the major U.S. stock benchmarks to record highs.

The 30-stock index collapsed 85.43 points to kick off Monday at 39,001.95.

The S&P 500 inched down 1.67 points to 5,135.41.

The NASDAQ faded 23.11 points to 16,251.83.

Apple fell more than 2% after getting hit with a European Union antitrust fine of nearly $2 billion. The EU’s executive arm said the technology giant misused its power as a market dominator in the music streaming distribution space.

Lyft shares climbed more than 5% on the back of an upgrade to outperform from sector perform by RBC. Super Micro Computer and Deckers Outdoor rallied more than 18% and 2%, respectively, following the S&P Dow Jones Indices announcement that the pair will join the S&P 500 later this month.

JetBlue rose more than 2%, while Spirit Airlines tumbled more than 10%. The airlines said Monday that they would end plans to combine, weeks after losing a federal antitrust lawsuit that jeopardized the $3.8-billion deal.

Prices for the 10-year Treasury stumbled, raising yields to 4.23% from Friday’s 4.18%. Treasury prices and yields move in opposite directions.

Oil prices dropped 52 cents to $79.45 U.S. a barrel.

Gold prices surged $14.50 to $2,110.20.



Source link

About The Author

Scroll to Top