Tech Weighs on U.S. Stocks as Bonds Gain on Data: Markets Wrap
- Nasdaq 100 loses early surge as tech, health-care fade
- Italian banks rise on double rescue; British pound advances
Activist Investor Dan Loeb Targets Nestle
Selling in technology shares that have led markets higher in 2017 resumed Monday, as U.S. stocks failed to sustain a rally in global equities that started in Asia. Treasuries advanced after data showing a steeper drop in durable goods than forecast raised concern about the pace of U.S. economic growth.
The Nasdaq 100 Index retreated, leaving it 1.8 percent below its June 8 high. Most stocks in the S&P 500 Index advanced, with rate-sensitive shares pushing the gauge to a slight gain even as its largest cohort declined. European shares rose on news of an Italian bank clean-up and Dan Loeb’s investment in Nestle SA. Treasuries turned higher as an unexpected drop in orders for business equipment last month signaled slowing momentum in the world’s largest economy. The dollar advanced.