Stocks closed modestly lower on Wall Street on Monday as losses in technology, health care and financial companies outweighed gains elsewhere in the market.
The selling snapped a three-day winning streak for the S&P 500, cutting into its gain from last week.
Trading was mostly muted as investors looked ahead to a busy week of economic reports and an interest rate policy update from the Federal Reserve. The market also remained focused on developments in the trade negotiations between the U.S. and China.
Both sides have been working toward a limited “phase 1” deal that investors hope can at least avert new U.S. tariffs from kicking in on $160 billion of Chinese imports on Sunday. That would raise prices on key products, including cell phones and laptops, and threaten to affect consumers.
“With the deadline being Sunday, most people don’t think that new tariffs will be put in place, but they also don’t expect a phase 1 (deal) to be signed this week,” said Sam Stovall, chief investment strategist at CFRA.
The S&P 500 index lost 9.95 points, or 0.3%, to 3,135.96. The Dow Jones Industrial Average fell 105.46 points, or 0.4%, to 27,909.60. The Nasdaq dropped 34.70 points, or 0.4%, to 8,621.83. The Russell 2000 index of smaller company stocks gave up 4.22 points, or 0.3%, to 1,629.62.
Bond prices rose. The yield on the 10-year Treasury fell to 1.82% from 1.84% late Friday.
Benchmark crude oil fell 18 cents to settle at $59.02 a barrel. Brent crude oil, the international standard, dropped 14 cents to close at $64.25 a barrel.