U.S.
stocks struggled to find direction in early afternoon trading on
Monday, shortly after the S&P 500 and the Dow hit record intraday
highs on President Donald Trump's comments of a "big" infrastructure
statement on Tuesday.
Trump's
first address to a joint session of Congress on Tuesday evening is
being closely watched by investors for clues on how he planned to carry
out his agenda of boosting economic growth.
At 12:27 p.m. ET, the Dow .DJI was down 7.78 points, or 0.04 percent, at 20,813.98, the S&P 500 .SPX was down 0.42 points, or 0.01 percent, at 2,366.92 and the Nasdaq Composite .IXIC was down 0.21 points, or flat, at 5,845.10.
Six of the 11 major S&P 500 sectors were higher, with energy .SPNY rising on higher oil prices.
Utilities .SPLRCU, consumer staples .SPLRCS and telecom services .SPLRCL - defensive plays that were last week's top performers - were the big losers on Monday.
Among stocks, electric carmaker Tesla (TSLA.O) fell 4.4 percent to $245.57 after Goldman Sachs downgraded the company's stock to "sell" from "neutral" and lowered its price target.
Time Warner (TWX.N) hit a near 16-year high of $98.31 following a report by the Wall Street Journal that the Federal Communications Commission chairman said he does not expect the agency to review AT&T's (T.N) deal to buy Time Warner.
Shares of U.S. defense companies - Boeing (BA.N), Raytheon (RTN.N), General Dynamics (GD.N) and Lockheed Martin (LMT.N) - rose after Trump said he would seek to boost Pentagon spending by $54 billion in his first budget proposal.
La Jolla Pharmaceutical (LJPC.O) surged nearly 77 percent to $35.11 following the success of its lead experimental drug in a late-stage study.
Advancing issues outnumbered decliners on the NYSE by 1,695 to 1,146. On the Nasdaq, 1,560 issues rose and 1,191 fell.
The S&P 500 index showed 51 new 52-week highs and one new low, while the Nasdaq recorded 100 new highs and 35 new lows.
At 12:27 p.m. ET, the Dow .DJI was down 7.78 points, or 0.04 percent, at 20,813.98, the S&P 500 .SPX was down 0.42 points, or 0.01 percent, at 2,366.92 and the Nasdaq Composite .IXIC was down 0.21 points, or flat, at 5,845.10.
Six of the 11 major S&P 500 sectors were higher, with energy .SPNY rising on higher oil prices.
Utilities .SPLRCU, consumer staples .SPLRCS and telecom services .SPLRCL - defensive plays that were last week's top performers - were the big losers on Monday.
Among stocks, electric carmaker Tesla (TSLA.O) fell 4.4 percent to $245.57 after Goldman Sachs downgraded the company's stock to "sell" from "neutral" and lowered its price target.
Time Warner (TWX.N) hit a near 16-year high of $98.31 following a report by the Wall Street Journal that the Federal Communications Commission chairman said he does not expect the agency to review AT&T's (T.N) deal to buy Time Warner.
Shares of U.S. defense companies - Boeing (BA.N), Raytheon (RTN.N), General Dynamics (GD.N) and Lockheed Martin (LMT.N) - rose after Trump said he would seek to boost Pentagon spending by $54 billion in his first budget proposal.
La Jolla Pharmaceutical (LJPC.O) surged nearly 77 percent to $35.11 following the success of its lead experimental drug in a late-stage study.
Advancing issues outnumbered decliners on the NYSE by 1,695 to 1,146. On the Nasdaq, 1,560 issues rose and 1,191 fell.
The S&P 500 index showed 51 new 52-week highs and one new low, while the Nasdaq recorded 100 new highs and 35 new lows.
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