Weakness in materials stocks helped drive indexes modestly lower, as both the Dow industrials and S&P 500 took a step back from multiyear highs.
The Dow Jones Industrial Average slid 14.05 points, or 0.1%, to 13881.93, halting its six-session streak of gains. The Standard & Poor's 500-stock index declined 2.78 points, or 0.2%, to 1500.18, snapping its own streak of eight straight moves higher. Both indexes ended Friday at their highest levels since 2007.
"We're a little bit concerned that there's just so much positive sentiment building. Usually, that demands some sort of hiccup that at least gets people thinking," said Bruce McCain, chief investment strategist at Key Private Bank.
Materials stocks like Alcoa (AA),
The Nasdaq Composite Index rose 4.59 points, or 0.1%, to 3154.30. Apple (AAPL)
Roughly one-third of S&P 500 components had reported quarterly earnings by Monday, and about two-thirds of those have topped analyst expectations, according to S&P Capital IQ.
"Earnings have been a bit higher than people thought, but there are concerns about sources of growth going forward. For the next stage higher, people want to see the growth," said Paul Zemsky, chief investment officer of multiasset strategies at ING U.S. Investment Management.
On the economic front, orders for durable goods, or products designed to last at least three years, rose more than expected in December from the prior month, the Commerce Department said. Separately, business activity among Texas-area manufacturers rose in January, lifted by new orders and more output, according to a report from the Federal Reserve Bank of Dallas.
But U.S. home buyers signing contracts to purchase previously owned properties fell in December, versus expectations for a rise. December's figure remained well above readings of a year ago.
Most European markets inched lower, with the Stoxx Europe 600 falling 0.1% to snap a three-session win streak. The U.K.'s FTSE 100 rose 0.2%, to close at another multiyear high.
Asian markets were mostly higher. China's Shanghai Composite Index surged 2.4%, while Hong Kong's Hang Seng Index rose 0.4%, ending at a 21-month high. Japan's Nikkei Stock Average was among the few decliners, falling 0.9% after surging 4.9% over the previous two days.
Crude-oil prices rose 0.6%, to settle at $96.44 a barrel, while gold fell 0.2%, to settle at $1,652.40 a troy ounce. The dollar rose against the euro but fell against the yen. The yield on the 10-year Treasury note rose to 1.976%, the highest since April, as prices fell.
In other corporate news, PetSmart (PETM)
AK Steel Holding (AKS)
Jos. A. Bank Clothiers (JOSB)
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