U.S. Equities Dip as Financial Stocks Decline, Phone Shares Gain

  • Phone companies, utilities rally with U.S. yields flat
  • Pfizer, Exxon help buoy the Dow Jones Industrial Average

What Are Traders Watching in Global Markets?

U.S. stocks fell as financial shares dropped and a rally in energy companies faded after crude oil pared some gains on expectations for a supply cut.

The S&P 500 Index slipped 0.1 percent to 2,259.96 at 4 pm. in New York, the first decline in seven sessions. The S&P 500 Index, Dow Jones Industrial Average and Russell 2000 Index all closed at records on Friday. The Dow Jones added 0.2 percent to 19,769.43 Monday.

  • Financial stocks down 0.9 percent, weighed by 3.5 percent drop in Navient (NAVI) and declines of at least 2.6 percent in Ameriprise Financial (AMP) and People’s United Financial Inc. (PBCT)
  • Phone and utilities companies extend Friday’s rally with 10-year Treasury little changed as bond proxy stocks including REITs rallied after gaining last week
  • Energy stocks up 1.4 percent after climbing as much as 2.5 percent, with all but 11 companies in 36-member index advancing
  • Dow lifted by gains of at least 2.2 percent in Pfizer (PFE), Johnson & Johnson (JNJ), Exxon (XOM)
  • Goldman Sachs basket of most-shorted companies lost 1.3 percent; up 15 percent since election
  • WTI futures up 2.6 percent after Saudi Arabia signaled it’s ready to cut output more than earlier agreed and non-OPEC countries including Russia pledged to pump less next year
  • The Shanghai Composite Index fell 2.5 percent, the most in six months
  • The U.S. is primed for a rate hike this week, with the Federal Reserve set to announce its decision on Wednesday
  • EARNINGS:
    • After market: VeriFone Systems Inc (PAY), Peregrine Pharmaceuticals Inc. (PPHM), Investors Real Estate Trust (IRET)
    • After market Tuesday: ABM Industries Inc. (ABM), HEICO Corp. (HEI), Nordson Corp. (NDSN)

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