Stocks finished lower Monday. The Dow lost 27 points to 26,384, while the S&P 500 slipped 1 point to 2,905. The Nasdaq Composite was down 8 points to 7,976.
The major averages declined as investors weighed corporate earnings results and updates on the trade front. U.S. Treasury Secretary Mnuchin reported that the U.S. and China are nearing a trade deal, with negotiations resuming later this week via telephone. On the data front, the Empire State Manufacturing Index showed factory output in the state of New York accelerated more than anticipated in April.
Six of 11 S&P 500 sectors finished in negative territory. Financials led decliners with Goldman Sachs sliding 3.8% to $199.91 after its first-quarter profit dropped 21% from a year ago. Citigroup pared earlier losses to close 0.1% lower at $67.38 after missing revenue estimates. Industrials also lagged with American Airlines falling 2.7% to $33.75 after reporting flight cancellations would be extended through mid-August due to the grounding of Boeing’s 737 MAX aircrafts. Health Care and Consumer Staples stocks bucked the downtrend with UnitedHealth Group up 3.1% to $230.20 and Walmart adding 0.9% to $102.43.
Breadth was negative on issues by 3:2 on the NYSE and 5:3 on the Nasdaq. Composite NYSE volume was more than 3.0 billion shares.
Treasuries strengthened, with the yield on the 10-year note down one basis point to 2.55%. In commodities, WTI crude fell 0.6% to $63.51/barrel. COMEX gold was off 0.3% to $1,286.80/ounce amid a stronger dollar.