US close: Banks wobble after Trump's break-up talk
Wall Street started the week on a mixed note on the heels of weaker-than-expected economic data and comments from US president Donald Trump suggesting that he was mulling a break-up of the largest US banks.
The Dow Jones Industrials fell 27.05 points or 0.13% to end the day at 20,913.46, with the S&P 500 edging 4.13 points higher to 2,388.33 and the Nasdaq Composite up by 0.13% or 44 points at 6,091.60.
The Institute for Supply Management's manufacturing sector PMI fell back from a reading 57.2 for March to 54.8 in April, undershooting forecasts for a reading of 56.5 by a wide margin.
A subindex linked to employment conditions contained withing the same report retreated from 58.9 to 52.0 and another referencing new orders declined from 64.5 to 57.5.
According to economists at Barclays, Monday's data brought the series more in line with real readings on output levels.
"Post-election, the series surged, but this sharp rise was not matched with a surge in production. Instead, production has moved only modestly higher. We expect further modest gains this year."
Despite such a weak reading, yields on the benchmark 10-year US Treasury note jumped by four basis points to 2.32% after Treasury Secretary Steve Mnuchin said issuance of so-called ultra-long bonds "absolutely" makes sense.
Personal income and spending data for March also fell short of expectations, amid downwards revisions to figures for January and February. Incomes rose by 0.2% month-on-month (consensus: 0.3%) while consumption was unchanged.
The headline personal consumption expenditures price deflator also printed below forecasts, advancing by 1.8% (consensus: 1.9%).
From a sector standpoint, the best performing areas of the market were Coal (2.17%), Retail REITs (1.77%) and Computer hardware (1.74%).
Banks also put in a good showing, with the KBW sector gauge rising 0.93% to 92.08 despite the US president's comments.
Dow Jones - Risers
Apple Inc. (AAPL) $146.58 2.04%
Microsoft Corp. (MSFT) $69.41 1.39%
McDonald's Corp. (MCD) $141.15 0.87%
Exxon Mobil Corp. (XOM) $82.06 0.50%
Goldman Sachs Group Inc. (GS) $224.85 0.47%
Intel Corp. (INTC) $36.31 0.44%
Coca-Cola Co. (KO) $43.22 0.16%
Merck & Co. Inc. (MRK) $62.38 0.08%
JP Morgan Chase & Co. (JPM) $87.06 0.07%
Wal-Mart Stores Inc. (WMT) $75.23 0.07%
Dow Jones - Fallers
Boeing Co. (BA) $182.39 -1.32%
Home Depot Inc. (HD) $154.21 -1.21%
International Business Machines Corp. (IBM) $158.84 -0.90%
Nike Inc. (NKE) $54.99 -0.76%
S&P 500 - Risers
GGP Inc (GGP) $22.61 4.63%
Macerich Co (MAC) $64.67 3.59%
Lam Research Corp. (LRCX) $149.22 3.02%
Alexion Pharmaceuticals Inc. (ALXN) $131.59 2.98%
Applied Materials Inc. (AMAT) $41.70 2.68%
Endo International Plc (ENDP) $11.67 2.64%
Amazon.Com Inc. (AMZN) $948.23 2.51%
Cabot Oil & Gas Corp. (COG) $23.80 2.41%
Wynn Resorts Ltd. (WYNN) $125.92 2.37%
Charles Schwab Corp. (SCHW) $39.73 2.27%
S&P 500 - Fallers
Affiliated Mgrs Group (AMG) $155.84 -5.89%
Newell Brands Inc (NWL) $46.00 -3.64%
Bed Bath & Beyond Inc. (BBBY) $37.43 -3.41%
Transocean Ltd. (RIG) $10.66 -3.35%
Newmont Mining Corp. (NEM) $32.68 -3.34%
VF Corp. (VFC) $52.92 -3.13%
Helmerich & Payne Inc. (HP) $58.79 -3.05%
Diamond Offshore Drilling Inc. (DO) $14.00 -2.91%
Discovery Communications Inc. Class C (DISCK) $27.19 -2.82%
Discovery Communications Inc. Class A (DISCA) $27.98 -2.78%
Nasdaq 100 - Risers
Ctrip.Com International Ltd. Ads (CTRP) $52.08 3.11%
Lam Research Corp. (LRCX) $149.22 3.02%
Alexion Pharmaceuticals Inc. (ALXN) $131.59 2.98%
Tesla Inc (TSLA) $322.83 2.79%
Applied Materials Inc. (AMAT) $41.70 2.68%
Amazon.Com Inc. (AMZN) $948.23 2.51%
Nvidia Corp. (NVDA) $106.64 2.24%
Micron Technology Inc. (MU) $28.29 2.24%
Expedia Inc. (EXPE) $136.60 2.15%
Autodesk Inc. (ADSK) $91.98 2.12%
Nasdaq 100 - Fallers
Discovery Communications Inc. Class C (DISCK) $27.19 -2.82%
Discovery Communications Inc. Class A (DISCA) $27.98 -2.78%
O'Reilly Automotive Inc. (ORLY) $241.70 -2.60%
Dollar Tree Inc (DLTR) $80.75 -2.44%
Idexx Laboratories Inc. (IDXX) $163.73 -2.38%
Dish Network Corp. (DISH) $62.93 -2.34%
Mondelez International Inc. (MDLZ) $44.06 -2.15%
Mattel Inc. (MAT) $21.99 -1.92%
Monster Beverage Corp (MNST) $44.56 -1.81%
Western Digital Corp. (WDC) $87.70 -1.54%
Walt Disney Co. (DIS) $114.73 -0.75%
Chevron Corp. (CVX) $105.92 -0.73%
3M Co. (MMM) $194.81 -0.52%
Pfizer Inc. (PFE) $33.78 -0.41%
Travelers Company Inc. (TRV) $121.18 -0.39%
E.I. du Pont de Nemours and Co. (DD) $79.49 -0.33%