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US stocks mixed after investors remain jittery about COVID-19
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U.S. equity futures were trading mixed ahead of Tuesday's opening bell on Wall Street as the Dow and S&P retreated Monday when a tumble in oil prices signaled investor unease about the COVID-19 pandemic and the strength of the economic recovery.
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On Wall Street, technology and energy companies led stocks lower, easing the market back from its recent all-time highs. The S&P 500 slipped 0.1%, erasing an early gain. Technology companies accounted for a big share of the decline. Industrial and consumer-centric stocks also fell. Those losses outweighed gains in health care companies, banks and elsewhere in the market.
Energy companies slumped the most among S&P 500 stocks as the price of benchmark U.S. crude oil fell 2.6% to its lowest levels since May. The move lower follows a decline of 7.7% last week. Occidental Petroleum shed 3%.
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Every major index was coming off weekly gains last week, which ended with record highs for the S&P 500 and the Dow Jones Industrial Average.
The modest pullback is another example of the volatility the market has seen amid uncertainty over the impact COVID-19 variants will have on the economy and the Federal Reserve’s next monetary policy moves, said Sylvia Jablonski, chief investment officer at Defiance ETFs.