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Wednesday June 23rd, 2021 12:47AM

US stocks edge lower, pulling back from record high

By The Associated Press
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Stocks edged lower in morning trading Monday after the market hit record highs last week. Investors are continuing to focus on the economic recovery as well as concerns about inflation and rising bond yields.

The S&P 500 index fell 0.2% as of 11:40 a.m. Eastern. The Dow Jones Industrial Average fell 60 points, or 0.2%, to 33,740 and the Nasdaq Composite fell 0.6%.

Technology stocks were the biggest drag on the market. The sector has been choppy as investors shift money to other industries that could see solid gains as the economy recovers. Rising bond yields have also made technology stock values look pricey after months of big gains.

Wall Street will be watching company earnings reports this week, particularly several from big banks. JPMorgan Chase and Wells Fargo report on Wednesday, while Bank of America and Citigroup report on Thursday.

Investors expect big profits for the major banks, mostly due to rising interest rates and the ability for these banks to move loans that went bad in the early weeks of the pandemic back onto the “good” side of their balance sheets.

The yield on the 10-year U.S. Treasury note, which influences interest rates on mortgages and other loans, held steady at 1.67%. It ended Friday at 1.66% and had been as high as 1.75% last Monday.

Investors are showing cautious optimism about the economic recovery, especially in the U.S., where vaccine distribution as been ramping up and President Joe Biden has advanced the deadline for states to make doses available to all adults to April 19.

Nuance Communications soared 17% after Microsoft said it would buy the speech technology company for about $16 billion.

Alibaba's U.S.-listed shares rose 9% after the Chinese conglomerate said it would restructure its Ant Group financial affiliate to placate Chinese government regulatory concerns.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Financial Services
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