Stocks finished mixed Monday. The Dow lost 83 points to 26,341, while the S&P 500 gained 3 points to 2,895. The Nasdaq Composite added 15 points to 7,953.
The S&P 500 notched its eight straight daily advance ahead of Friday’s “unofficial” start to first quarter reporting season. According to consensus estimates, S&P 500 earnings are expected to decline year-over-year for the first time since the second quarter of 2016. On the data front, a report showed durable goods orders dipped 1.6% in February, in-line with consensus estimates. A separate update revealed factory orders declined or the fourth time in five months during the same time period.
Six of 11 S&P 500 sectors finished in positive territory. The Technology group provided a tailwind to the major averages as shares of Apple advanced 1.6% to $200.10 and Symantec added 5.4% to $24.24. Consumer Staples also outperformed as Procter & Gamble gained 1.3% to $104.97 following an analyst upgrade. Meanwhile, Industrials underperformed as Boeing lost 4.4% to $374.52 in sympathy with negative commentary surrounding the potential for extended production delays of its 737 Max aircraft.
Breadth was positive on issues by 8:7 on the NYSE and negative on issues by 9:8 on the Nasdaq. Composite NYSE Volume totaled more than 3.0 billion shares.
Treasuries weakened along the curve, with the yield on the 10-year note up two basis points to 2.52%. In commodities, WTI crude jumped 2.2% to $64.44/barrel, the highest level since last October. COMEX gold climbed 0.5% to $1,296.90/ounce amid a weaker dollar.