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S&P, Dow lower as healthcare, bank stocks drag

Reuters 

By Sruthi Shankar

(Reuters) - The 500 and the Dow were trading slightly lower on Monday, as losses in healthcare and financial stalled Wall Street's strongest start to a year in a decade.

The benchmark and the last week recorded its strongest first four trading days in a year since 2006, and the Dow industrials posted its best since 2003.

"The market was probably a little bit overbought, it was a big week for in terms of strength and breadth, it's more of a pause," said John Brady, at in

"The weakness might be there for a day or two, with some rotationary balancing, it won't take out much."

At 11:01 a.m. ET (1601 GMT), the 500 was down 2.14 points, or 0.08 percent, at 2,741.01.

The Industrial Average was down 37.83 points, or 0.15 percent, at 25,258.04, while the Composite was up 6.80 points, or 0.1 percent, at 7,143.36.

Both the indexes eked out new record highs briefly after open.

Investors are awaiting the fourth-quarter earnings reports to gauge the impact of recent tax cuts. The earnings season kicks off later this week, starting with big banks.

Shares of of America, and were down between 0.6 percent and 0.9 percent. Most big U. S. lenders have estimated one-off charges to their fourth quarter earnings on account of tax cuts.

The fell 0.81, declining most among the sectors on the first day of in

The biotech index fell 1.86 percent and was set for its worst day since Oct. 26, led by about 4 percent drop in and about 2.5 percent drop each in and

climbed 1.47 percent to open at a record high after upgraded the stock saying the tax overhaul could help construction business cycle extend into 2018.

rose about 1.23 percent after hiked its price target on the online retailer's stock.

gained about 3.13 percent after the graphics chipmaker announced partnership with and as its platforms expand into technology for self-driving cars.

GoPro shares hit record low after the company said it expected lower fourth-quarter revenue and would exit the drone business.

Declining issues outnumbered advancers on the NYSE by 1,557 to 1,211. On the Nasdaq, 1,760 issues fell and 1,044 advanced.

(Reporting by in Bengaluru; Editing by Arun Koyyur)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, January 08 2018. 22:39 IST
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