Stocks closed broadly lower on Wall Street Monday, pulling major indexes below the latest record highs they reached last week. The S&P 500 fell 0.5% and the tech-heavy Nasdaq lost 1%. Small-company stocks did worse than the rest of the market. Technology stocks had some of the biggest pullbacks, but the losses were shared broadly by a mix of banks, energy companies and others that depend on spending by consumers. Investors are turning their focus to company earnings reports, and looking to see if the upbeat forecasts for strong results hold true. Treasury yields rose.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
Stocks were broadly lower in afternoon trading on Monday, easing off of their latest record highs from last week.
Investors are shifting their focus now to company earnings, as the busiest time for quarterly results will be this week and next.
The S&P 500 index was down 0.7% as of 3:32 p.m. Eastern. The Dow Jones Industrial Average was down 175 points, or 0.5% to 34,024 and the Nasdaq fell 1.2%.
Technology stocks were the biggest weight on the market, but the losses were shared broadly by a mix of banks, energy companies and others that rely on direct consumer spending. Chipmaker Intel fell 2.3%, Capital One fell 1% and Valero Energy fell 2.8%.
Tesla dropped 3.7% after two people were killed in Texas in a crash of one of its models. Authorities say there was no one in the driver’s seat at the time of the crash. It's not clear whether the car’s driver-assist system was being used.
Smaller company stocks also fell. The Russell 2000 index was down 1.4%.
Earnings are front and center this week, as investors look to justify the recent rise in stock prices with the profits needed to keep the market fueled in this recovery. On...