Stocks Begin Week on Down Note

U.S. stocks fell on Monday 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 faltered 62.42 points to 31,438.26.

The S&P 500 dropped 11.63 points to 3,900.11.

The NASDAQ Composite slumped 83.07 points to 11,524.55.

The major averages struggled as investors weighed whether stocks have reached a bottom or are instead briefly rebounding from oversold conditions.

Stocks could get a lift in the near term this week, as investors rebalance their holdings for the end of the quarter.

Etsy was the top decliner in the S&P, down 3.6% following a downgrade by Needham. Shares of Spirit Airlines fell more than 8% after the company said it would accept the latest takeover bid from Frontier Group.

The energy sector was a notable gainer, up 2.8% for the day. Valero Energy climbed 8%, while Devon Energy advanced 7.5%. Marathon Oil added 4.9%.

BioNTech shares also advanced by 7.2% after the drug maker said its Omicron-based Covid-19 booster generates an improved immune response against that variant.

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.

Treasury prices were lower, raising yields to 3.20% from Friday’s 3.14%. Treasury prices and yields move in opposite directions.

Oil prices improved $2.12 to $109.74 U.S. a barrel.

Gold prices slid six dollars to $1,824.30 U.S. an ounce.

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