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Stocks finished mixed Monday. The Dow fell 181 points to 26562, while the S&P 500 lost 10 points to 2919. The Nasdaq Composite added 6 points to 7993.
The major averages fluctuated amid lingering trade tensions. In geopolitical news, China cancelled plans for a fresh round of trade talks as the United States began levying a new 10% tariff on Beijing imports today. On the data front, the Chicago Fed’s National Activity Index held steady in August while a separate survey revealed manufacturing activity in the Dallas Fed Region expanded less than expected in September.
Eight of 11 S&P 500 sectors ended the session lower. Industrials and Materials provided a headwind to equity markets amid rising trade concerns. Consumer Staples also underperformed as Procter & Gamble fell 1.8% to $84.27. Energy shares outperformed as oil prices climbed to its highest level in four years after OPEC elected against increasing output. Technology stocks also bucked the downtrend with Advance Micro Devices adding 5.2% to $32.61.
Breadth was negative on issues by 8:3 on the NYSE and 3:2 on the Nasdaq. Composite NYSE volume was more than 4.2 billion shares.
Treasuries weakened along the curve, with the yield on the 10-year note up two basis points to 3.08%. Meanwhile, the yield on the two-year note touched 2.84% earlier in the session, its highest level since June 2008, after ECB President Mario Draghi expressed concern over increase in underlying inflation in the eurozone. In commodities, WTI crude jumped 2.1% to $72.26/barrel. COMEX gold gained 0.1% to $1198.10/ounce despite a modestly stronger dollar.