GE sees its stock falls 2.8% as new CEO looks set to reshape storied conglomerate
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U.S. stocks traded near break-even levels on Monday, but the Dow Jones Industrial Average and the S&P 500 index briefly notched fresh intraday all-time highs, as investors struggled to push stocks deeper into record territory.
Bond markets are closed in observance of Columbus Day (http://www.marketwatch.com/story/columbus-day-which-markets-are-closed-2017-10-09), which also mean lighter-than usual trading volumes on Wall Street.
What stock benchmarks are doing
Dow Jones Industrial Average lost 8 points, or less than 0.1%, at 22,767, after hitting an record intraday at 22,803.37. Wal-Mart Stores Inc.(WMT), led blue-chip gainers, up 1.3%, amid reports of a speedier return process (http://www.marketwatch.com/story/wal-mart-speeds-the-return-process-with-new-mobile-system-2017-10-09), while General Electric Co. (GE) shares weighed on the gauge, down 2.8% after several high-profile departures (http://www.marketwatch.com/story/ge-finance-chief-jeff-bornstein-to-leave-company-in-high-profile-shake-up-2017-10-06) under new CEO John Flannery, who is under pressure to reboot the company.
The S&P 500 gave up 2 points, or less than 0.1%, at 2547, after trading in less than a point from its intraday peak at 2,552.51. The Nasdaq Composite Index rose about 2 points, or less than 0.1%, to 6,591. The technology-heavy benchmark touched an intrasession high at 6,597.69, but has also retreated.
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On Friday, the Dow and S&P 500 edged lower (http://www.marketwatch.com/story/us-stocks-holding-tight-to-record-levels-as-investors-wait-for-jobs-data-2017-10-06), pulling back from records, as traders digested a monthly jobs report that was skewed by hurricanes Irma and Harvey (http://www.marketwatch.com/story/blame-irma-and-harvey-us-loses-33000-jobs-in-september-in-first-decline-since-2010-2017-10-06). The Nasdaq managed to eke out an all-time high on Friday.
Read:Why stocks may be "on the verge" of a melt-up (http://www.marketwatch.com/story/why-stocks-may-be-on-verge-of-a-melt-up-2017-10-04)
And see:Dow industrials' flirtation with 23,000 is a sign of the stock market's velocity (http://www.marketwatch.com/story/the-stock-markets-velocity-has-the-dow-flirting-with-230000-2017-10-05)
So far this year, The Dow has gained 15% as of Friday's close, the S&P is up 14%, and the Nasdaq Composite has risen 22%.
What strategists and traders saying?
"The biggest risk to the market from a technical standpoint is sentiment, which is 'overly bullish' by most measures," said Katie Stockton, BTIG's chief technical strategist, in a note. "We think another 3%-5% pullback would refresh the uptrend just in time for a seasonal year-end rally, but would await deterioration in our short-term indicators before positioning for a downdraft."
Which stocks are in focus?
Shares in data-center company Switch Inc. fell 4% after they surged 23% on Friday in the company's trading debut (http://www.marketwatch.com/story/switch-ipo-stock-soars-more-than-20-on-first-day-of-trading-2017-10-06).
Check out:Pfizer's stock looks poised to 'pull an Intel' and break out to a multiyear high (http://www.marketwatch.com/story/this-dow-stock-looks-poised-to-pull-an-intel-and-break-out-to-a-multi-year-high-2017-10-09)
And don't miss:Here's why financial stocks may be running out of steam (http://www.marketwatch.com/story/heres-why-financial-stocks-may-be-running-out-of-steam-2017-10-09)
What are other assets doing?
European stocks () rose, helped by Spain's IBEX benchmark rallying after last week's tumble that was sparked by Catalonia edging toward secession. The independence movement lately has faced counterprotests and companies threatening to leave the restive region. Asian markets closed mostly higher (http://www.marketwatch.com/story/chinese-stocks-rise-after-weeklong-holiday-2017-10-08).
See:This could be the green light to jump into beaten-up Spanish stocks (http://www.marketwatch.com/story/this-could-be-the-green-light-for-beaten-up-spanish-stocks-2017-10-07)
Oil futures and gold contracts gained, while the ICE U.S. Dollar Index was up slightly. Analysts said gold was drawing haven demand thanks to a renewed war of words (http://www.marketwatch.com/story/gold-prices-rise-as-north-korea-us-tensions-turn-the-screw-2017-10-09) between North Korea and President Trump.
Turkey's lira (http://www.marketwatch.com/story/turkish-lira-falls-against-dollar-as-spat-weighs-while-pound-stabilizes-2017-10-09) was sharply lower against the dollar as a diplomatic spat weighed (http://www.marketwatch.com/story/turkish-lira-tumbles-amid-visa-spat-with-us-2017-10-08). The U.S. and Turkey on Sunday stopped issuing nonimmigrant visas to each others' citizens, in a development that followed the arrest of a U.S. Consulate employee in Istanbul.
(END) Dow Jones Newswires
October 09, 2017 10:11 ET (14:11 GMT)