Stocks finished lower Monday. The Dow fell 89 points to 25250, while the S&P 500 slipped 16 points to 2750. The Nasdaq Composite was down 66 points to 7430.
The major averages declined as broad weakness in Tech stocks weighed on the market. Last week, rising interest rates rattled investors, causing the Dow, S&P 500, and Nasdaq Composite each to fall at least 4.0% for the week. On the data front, retail sales rose 0.1% in September, below analyst expectations of a 0.6% gain. Additionally, business inventories increased 0.5% in August. A separate survey revealed manufacturing activity in the New York Fed region is expanding more than anticipated in October.
Seven of 11 S&P 500 sectors finished lower. Technology stocks were down the most as Apple declined 2.1% to $217.36, Cisco fell 2.3% to $44.67 and Microsoft slipped 1.8% to $107.60. The Real Estate, Utilities, and Consumer Staples groups were the notable outperformers today. In earnings, Bank of America slipped 1.9% to $27.92 after the lender revealed disappointing third quarter loan growth. In M&A news, L3 Technologies surged 12.8% to $220.91 while Harris Corp jumped 11.9% to $173.25 amid reports the two companies will merge.
Breadth was positive on issues by 3:2 on the NYSE and by 8:7 on the Nasdaq. Composite NYSE volume was more than 3.2 billion shares.
Treasuries were little changed along the curve with the yield on the benchmark 10-year note down one basis point to 3.15%. In commodities, WTI crude added 0.4% to $71.61/barrel. COMEX gold advanced 0.7% to $1,226.40/ounce amid a weaker dollar.