Stocks fell from their all-time highs on Monday, the penultimate trading day of a record-breaking year for equities.
The Dow Jones Industrials faltered 101.84 points from Friday’s record close to 28,543.42
The S&P 500 fell 12.48 points to 3,227.53, on pace for its worst day in four weeks. Tech was the worst-performing sector among the 11 S&P 500 groupings.
The NASDAQ remained negative 46.92 points to 8,959.70.
Some of the biggest winners of the year, including Microsoft, Visa, NIKE, and Procter & Gamble, were all in the red on Monday as investors took profits. Microsoft rallied 55% and Visa gained 42%, to be among the top five gainers in the Dow this year.
U.S. equities have enjoyed a strong rally in December, with the main indexes hitting record highs last week amid year-end optimism. The S&P 500 has notched five straight weeks of gains, rising 29% in 2019. The benchmark is within reach of a historic year, sitting about a percentage point away from having its best year since 1997.
The advance report on the U.S. trade in goods on Friday showed the trade deficit shrank to its narrowest since 2016 in November.
Market sentiment has been boosted by the easing tensions over U.S.-China trade relations. The world’s two largest economies agreed earlier this month to a so-called “phase-one” trade deal.
The South China Morning Post reported Monday Chinese Vice Premier Liu He, the nation’s top trade negotiator, will visit Washington this week to sign the agreement. The newspaper, citing a source briefed on the matter, said the Chinese delegation will stay in the U.S. for a few days until the middle of next week.
Prices for the 10-Year U.S. Treasury slumbered, raising yields to 1.92% from Friday’s 1.88%. Treasury prices and yields move in opposite directions.
Oil prices were unchanged at $61.72 U.S. a barrel.
Gold prices dipped 10 cents at $1,518.00 U.S. an ounce.