UAL - Stocks Dip to Start Short Trading Week
Stocks were slightly lower Monday to start a shortened trading week as the rally that brought Wall Street to record levels took a breather.
The Dow Jones Industrials dropped 115.01 points to 39,360.89.
The S&P 500 index staggered 10.01 points to 5,224.17.
The NASDAQ subtracted 26.58 points to 16,402.74.
Shares of Intel led the market lower, with the semiconductor firm sliding 3% after The Financial Times reported that new China guidelines would block Intel chips in government servers and computers. United Airlines stock fell 6% after the Federal Aviation Administration said it would be heightening scrutiny of the airline after a series of safety incidents.
The market is on track for its fifth consecutive month of gains, with the major U.S. stock benchmarks crossing new all-time closing high levels last week. The S&P 500 added roughly 2.3% last week, while the Dow gained just under 2% for its best week since December, nearing the 40,000 level. The Nasdaq Composite, meanwhile, jumped about 2.9% during the period.
Prices for the 10-year Treasury fell, raising yields to 4.24% at Friday's 4.21%. Treasury prices and yields move in opposite directions.
Oil prices pumped $1.37 higher to $82.00 U.S. a barrel.
Gold prices soared $17.40 to $2,177.40.