Stocks finished mixed Monday. The Dow gained 39 points to 26486, while the S&P 500 slipped one point to 2884. The Nasdaq Composite was down 52 points to 7735 as Technology shares extended their retreat.
The major averages rebounded from early session losses, with the S&P 500 closing just below the flat-line, while the Dow ended in positive territory. Investors continued to grapple with rising interest rates despite the U.S. bond market being closed in observance of Columbus Day. Last week, the yield on the benchmark 10-year note climbed to a seven-year high of 3.23% following robust economic data and hawkish commentary from the Federal Reserve.
Six of 11 S&P 500 sectors closed in positive territory, with Consumer Staples leading advancers. Shares of Tyson Foods were a notable gainer up 2.8% to $63.28. Tech provided a headwind to the market, as chipmakers were particularly weak. Advanced Micro Devices lost 3.3% to $26.46 and NVIDIA slipped 1.5% to $265.77. Meanwhile, Google parent Alphabet slid 1.0% to $1,155.92 on news that user data may have been compromised due to a system glitch. In other corporate news, Ensco Plc gained 3.7% to $8.79 after the offshore driller announced plans to buy rival Rowan in an all-stock deal valued at $2.38 billion.
Breadth was positive on issues by 9:7 on the NYSE and negative by 3:2 on the Nasdaq. Composite NYSE volume was more than 3.3 billion shares.
In commodities, WTI crude pared earlier losses, slipping 0.2% to $74.23/barrel. COMEX gold declined 1.4% to $1,184.40/ounce amid a stronger dollar.