Stocks Take Small Step Back
NEW YORK (AP) -- U.S. stock indexes took a small step back from their record levels on Monday, as their momentum slowed following a torrid start to the year.
Losses for health care and financial stocks helped to overshadow a surge for retailers, which jumped after several boasted of strong results during their all-important holiday season.
If the trend holds, the Standard & Poor's will have its first down day of the year.
KEEPING SCORE: The S&P 500 dipped 2 points, or 0.1 percent, to 2,741, as of 10 a.m. Eastern time.
The index had climbed in each of the four previous days, its longest winning streak to start a year since 2010.
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The Dow Jones industrial average fell nearly 32 points, or 0.1 percent, to 25,264, and the Nasdaq composite was close to flat at 7,135.
Smaller stocks lagged behind the rest of the market. The Russell 2000 index dropped nearly 10, or 0.6 percent, to 1,550.
NO GO: Shares of GoPro plunged after the company gave a forecast for fourth-quarter revenue that fell far short of Wall Street's expectations. The camera company said it had to slash prices to convince more customers to make purchases.
Shares dropped $1.76, or 23.4 percent, to $5.76. They were on pace for the sharpest drop since the stock began trading in 2014.
SEASON'S GREETINGS: Kohl's jumped to one of the biggest gains in the S&P 500 after it raised its earnings forecast for the year. The retailer said its sales jumped nearly 7 percent in November and December from a year earlier, and its new profit forecast easily topped Wall Street's expectations.
Kohl's joined a growing list of retailers that have raised forecasts amid strong holiday results.
MARKETS ABROAD: South Korea's Kospi index rose 0.6 percent, and the Hang Seng in Hong Kong gained 0.3 percent.
In Europe, France's CAC 40 rose 0.3 percent, and Germany's DAX was up 0.4 percent. The FTSE 100 in London dropped 0.3 percent.
CURRENCIES: The dollar slipped to 112.98 Japanese yen from 113.14 yen late Friday. The euro fell to $1.1971 from $1.2050, and the British pound slipped to $1.3555 from $1.3565.
YIELDS: Treasury yields fell as prices rose for bonds. The 10-year yield fell to 2.46 percent from 2.48 percent late Friday. The two-year yield slipped to 1.95 percent from 1.96 percent, and the 30-year yield dropped to 2.79 percent from 2.81 percent.
COMMODITIES: Benchmark U.S. crude rose 8 cents to $51.52 per barrel. Brent crude, the international standard, dipped 5 cents to $67.57 per barrel.
Gold fell $2.40 to 41,319.90 per ounce.
(BE)