Stocks ended slightly lower on Wall Street Monday after recouping much of an early slide. Technology stocks bounced back after leading the market lower in the morning. Losses for industrial companies and banks were partly offset by gains in health care companies.
On Wall Street, a broad wave of selling had the S&P 500 down by 2% in early going, but a late-afternoon burst of buying left the benchmark index with a loss of just 0.1%. The Dow Jones Industrial Average fell 0.4% after having been down 1.6%, and the tech-heavy Nasdaq eked out a gain of less than 0.1% after having been down 2.7%.
The S&P 500 slipped 6.74 points to 4,670.29. The drop extended the index’s losing streak to five days. It’s now about 2.6% below the all-time high it set a week ago.
The Dow fell 162.79 points to 26,068.87, after having been down 591 points in the early going. The Nasdaq rose 6.93 points to 14,942.83, snapping a four-day losing streak. Small-company stocks also lost ground. The Russell 2000 fell 8.66 points, or 0.4%, to 2,171.15.
The selling began to lose momentum at the same time as a rise in Treasury yields eased. The 10-year Treasury briefly hit 1.84% before slipping back to 1.76% by late afternoon. That matches where the yield was late Friday.
Big technology stocks have an outsized influence on the S&P 500 because of their huge size. Coming into the year, the technology sector represented 29.2% of the S&P 500.
Industrial stocks, banks and a mix of companies that rely on consumer spending accounted for a big share of the S&P 500’s decline Monday. Those losses were kept in check by gains in health care, technology and communication stocks.