U.S. Stocks Hover Around Flat

By Alexander Osipovich and Riva Gold Features Dow Jones Newswires

The S&P 500 and Nasdaq Composite inched to fresh highs Monday, lifted by gains in technology and energy shares.

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A new record close from Apple boosted the indexes, which spent much of the day in negative territory before popping higher in the final minutes of trading.

Technology stocks have been top performers in the S&P 500 this year, rising 17% since the start of 2017 and pushing the tech-heavy Nasdaq Composite to 29 records.

The Dow Jones Industrial Average gained 5.34 points, or less than 0.1%, to 21012.28. The S&P 500 Index rose 0.09 point, or less than 0.1%, to 2399.38, while the Nasdaq Composite added 1.90 points, or less than 0.1%, to 6102.66.

Index-heavyweight Apple added $4.05, or 2.7%, to $153.01 after billionaire Warren Buffett's Berkshire Hathaway disclosed it had more than doubled its stake in the iPhone maker during the first quarter.

Energy firms were the best-performing sector in the S&P 500, adding 0.7% as oil prices climbed. U.S. crude futures for June delivery rose 0.5% to $46.43 a barrel.

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Exxon Mobil gained 87 cents, or 1.1%, to 82.89 and Chevron added 89 cents, or 0.8%, to 106.68.

Declines in industrial-metals prices weighed on materials producers, limiting gains. Materials shares in the S&P 500 fell 0.9% as copper prices slipped after weak economic data from China raised concerns about slowing demand from the world's largest consumer of the metal. Copper futures for May delivery lost 1.3% to settle at $2.4855 a pound on the Comex division of the New York Mercantile Exchange.

Freeport-McMoRan declined 13 cents, or 1.1%, to 11.67 and Dow component DuPont fell 88 cents, or 1.1%, to 80.26.

Tyson Foods dropped 3.85, or 6.1%, to 59.48 after the poultry maker said its quarterly earnings fell.

The Stoxx Europe 600 fell 0.1% from Friday's nearly two-year closing high after Emmanuel Macron's widely anticipated victory in French elections . France's CAC-40 index lost 0.9% from its highest close since early 2008.

"With the market expecting this kind of result [in the French election], there is no goodwill effect," said Gilles Pradère, a portfolio manager at RAM Active Investments.

The outcome of the French election has contributed to a drop in a closely watched measure of expected U.S. stock-market volatility, the CBOE Volatility Index, or VIX. The VIX fell to 9.77 on Monday, notching its lowest close since 1993.

Focus for investors in Europe now turns to French legislative elections in June, which analysts say will determine whether Mr. Macron can push through his agenda, along with upcoming votes in Germany and Italy.

U.S. government bonds weakened Monday, with the yield on the 10-year Treasury note rising to 2.376%, from 2.352% on Friday. Yields move inversely to prices.

Markets in Asia mostly moved higher. Japan's Nikkei Stock Average rose 2.3% to its highest level in 17 months. The Shanghai Composite declined 0.8%.

Write to Alexander Osipovich at alexander.osipovich@dowjones.com and Riva Gold at riva.gold@wsj.com

(END) Dow Jones Newswires

May 08, 2017 17:34 ET (21:34 GMT)