U.S. stocks edged back from their all-time highs Monday as some of the steam came out of Wall Street’s long, record-breaking rally.
The S&P 500 slipped 0.2%, coming off a sixth straight winning week, its longest such streak of the year. The Dow Jones industrial average dropped 344 points, or 0.8%, from its own record that was likewise set on Friday, while the Nasdaq composite rose 0.3%.
Trading was mixed in markets around the world. Crude oil prices rose to regain some of last week’s sharp losses, while U.S. Treasury yields climbed and stock indexes mostly fell in Europe after finishing mixed in Asia.
The rise in yields helped knock down stocks that tend to get hurt by higher interest rates, such as big dividend payers and businesses in the housing industry. Real-estate stocks fell to the sharpest loss among the 11 sectors that make up the S&P 500 index, while homebuilders Lennar and D.R. Horton both fell at least 4.3%. Home Depot’s 2.1% drop was one of the heaviest weights on the S&P 500.
More than 100 companies in the S&P 500 are scheduled to give details this week about their performances during the summer. That includes such heavyweights as AT&T, Coca-Cola, IBM, General Motors and Tesla.
Tesla slipped 0.8% ahead of its report. Its stock has been shaky recently, including a tumble after an update on its highly anticipated robotaxi included fewer details than investors were hoping for.
Boeing is reporting its latest results on Wednesday. It rose 3.1% after reaching an agreement with the union representing its striking machinists on a contract proposal. The union’s members could vote Wednesday on the deal.
Spirit Airlines soared 53.1% after the carrier was able to extend a credit-card processing agreement.
Trump Media & Technology Group rose 5.8% to top $31, continuing its strong run since it briefly dipped below $12 last month.
All told, the S&P 500 fell 10.69 points Monday to 5,853.98. The Dow dropped 344.31 to 42,931.60, and the Nasdaq composite rose 50.45 to 18,540.00.
In the bond market, the yield on the 10-year Treasury rose to 4.19% from 4.08% late Friday.
— Associated Press