S&P Little Changed as Stocks Try to Come Back from Lows

U.S. stocks slipped on Monday morning following a major rebound last week from this year’s steep declines. Wall Street is preparing to wrap up the worst first half for stocks in decades.

The Dow Jones Industrials dropped 14.79 points to 31,485.89.

The S&P 500 fell 3.73 points to 3,908.01.

The tech-heavy NASDAQ subtracted 30.52 points to 11,577.10.

Cruise names dragged the market lower Monday. Royal Caribbean fell 4.5%, while Carnival and Norwegian Cruise declined about 3% each.

Etsy was another top decliner, down more than 4% following a downgrade by Needham.

The energy sector was a notable gainer, with Devon rising 5%. Valero, Enphase and Occidental were each up more than 4%.

BioNTech shares advanced almost 4% after the drug maker said its Omicron-based COVIF-19 booster generates an improved immune response against that variant.

Meanwhile, shares of Spirit Airlines fell more than 7% after the company said it would accept the latest takeover bid from Frontier Group.

Nike will report earnings for its fiscal fourth quarter after the bell Monday, ahead of a handful of other key reporters this week including Bed Bath & Beyond, General Mills, Constellation Brands and Walgreens.

Traders are also watching for the pending home sales report, due out later this morning.

Treasury prices were lower, raising yields to 3.17% from Friday’s 3.14%. Treasury prices and yields move in opposite directions.

Oil prices fell 95 cents to $106.67 U.S. a barrel.

Gold prices slid 40 cents to $1,829.900 U.S. an ounce.

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