Nasdaq Composite Index trades firmly higher as S&P 500, Dow struggle.
U.S. stocks traded mixed on Monday, though the Nasdaq Composite Index (NYSEARCA:QQQ) put up firm gains as technology shares outperformed the broader market.
The technology-driven index reversed an earlier loss to finish 0.4% higher at 7,541.82.
The S&P 500 Index (NYSEARCA:SPY) traded between gains and losses before finishing higher on Monday. The large-cap average climbed 0.3% to 2,726.71, even as key sectors finished firmly lower.
Dow industrials (NYSEARCA:QQQ) rose 35.77 points, or 0.2%, to close at 24,307.18. The blue-chip index was down nearly 101 points earlier in the session.
A measure of implied volatility known as the CBOE VIX (NYSEARCA:VXX) swung lower in the final hour of trading, a sign of calm trading conditions on Wall Street. The so-called “fear index” settled at 15.60, having declined 3.1% from the previous session.
Energy stocks fell the hardest on Monday as traders tracked sharp declines in oil prices. ICE Brent, the international crude benchmark, declined $1.89, or 2.4%, to $77.34 a barrel on London’s ICE Futures exchange. U.S. West Texas Intermediate (WTI) for August settlement was down 19 cents, or 0.3%, at $73.96 a barrel in New York.
U.S. markets will likely experience tepid volumes this week as investors break for Independence Day. Liquidity is expected to remain lower before and after the holiday.
The Final Word: Wall Street kicked off July on a tepid note, but fortunes could soon improve as investors turn their attention to corporate earnings. According to FactSet, companies listed on the S&P 500 are likely headed for their earnings best quarter since 2011.