US close: Stocks give up gains as investors turn to earnings season

US stocks gave up gains on Monday to close lower, with investors said to be looking ahead to earnings season.

The Dow Jones Industrial Average closed down 0.12% at 17,556.421, the S&P 500 finished down 0.27% at 2,041.99, and the Nasdaq Composite was off 0.36% at 4,833.40.

Consumer staples and health care led the decliners on the S&P 500, as the index slipped below the 2016 waterline and back into negative territory for the year-to-date. Pfizer closed nearly 1.9% lower.

Oil settled up, with West Texas Intermediate last up 1.73% at $40.42 per barrel and Brent crude up 2.08% at $42.83.

According to a note from S&P Global Market Intelligence senior analyst Lindsey Bell, aggregate first-quarter S&P 500 earnings were estimated at $26.17 - a decline of more than 8% year-on-year, and the third quarterly decline in a row.

"Such a steep decline in growth hasn't been recorded since second-quarter 2009," Bell wrote.

The choppy action seen during trading on Monday was said to be the product of lower volumes, according to Kingsview Asset Management portfolio manager Paul Nolte, who believed volumes had shrunk since the February selloff.

“I’m struggling to see where the buying interest is coming in. With volume so low, it’s pretty easy to push prices around.”

President Barack Obama was said to be pleased with the job being done by Federal Reserve chair Janet Yellen, as he met with her to discuss the global economy and regulatory issues.

"The president has been pleased with the way she has fulfilled what is a critically important job," said White House spokesman Josh Earnest at a press briefing.

New York Federal Reserve president William Dudley presented prepared remarks early in the session, choosing to focus on the link between geographic and economic mobility instead of monetary policy or the economy.

Goldman Sachs was in the headlines, as it was revealed by the Department of Justice that the firm will pay more than $5bn to settle government investigations into its sale of mortgage-backed securities before the global financial crisis.

Chesapeake Energy shares surged 20% after the firm reached a freshly-amended deal with its lenders, allowing it to borrow as much as $2.5bn and relieving it of some of the terms of its debt covenants.

Shares in web giant Yahoo rose 1.1% after the Daily Mail emerged as a potential bidder for the internet pioneer’s assets. US telecommunications group Verizon Communications was also reported to be in the ring, as the 18 April deadline loomed for preliminary offers.

Hatteras Financial Corporation shares were boosted, after Annaly Capital Management announced an agreement to buy the fellow real estate investment trust for $1.5bn.

The first quarter reporting season was kicking off unofficially after the closing bell, with Alcoa posting its numbers. Bank of America, Citigroup and JPMorgan Chase will follow with their reports later in the week.

In currencies, the yen crept ever closer to the dollar, and was last ahead by 0.09% at JPY 107.97. The greenback also weakened 0.77% against sterling, at $1.4237 to the pound, and was off 0.05% against the common currency at $1.1405 per euro.

S&P 500 - Risers
Chesapeake Energy Corp. (CHK) $4.50 +19.68%
Newmont Mining Corp. (NEM) $31.11 +6.91%
Seagate Technology Plc (STX) $34.97 +5.24%
CONSOL Energy Inc. (CNX) $12.48 +5.23%
Southwestern Energy Co. (SWN) $9.13 +5.18%
Williams Companies Inc. (WMB) $17.06 +5.05%
United States Steel Corp. (X) $17.33 +4.97%
Freeport-McMoRan Inc (FCX) $9.76 +4.61%
Alcoa Inc. (AA) $9.74 +3.95%
NRG Energy Inc. (NRG) $13.11 +3.47%

S&P 500 - Fallers
Endo International Plc (ENDP) $26.03 -8.02%
National Oilwell Varco Inc. (NOV) $27.32 -6.15%
Under Armour Inc. Class A (UA) $41.15 -5.49%
Alliance Data Systems Corp. (ADS) $206.70 -3.98%
Valero Energy Corp. (VLO) $60.74 -3.68%
Allergan plc (AGN) $228.37 -3.23%
Baker Hughes Inc. (BHI) $41.74 -3.18%
Mylan Inc. (MYL) $45.56 -3.06%
EQT Corp. (EQT) $65.31 -2.78%
Norfolk Southern Corp. (NSC) $79.28 -2.71%

Dow Jones I.A - Risers
Goldman Sachs Group Inc. (GS) $152.20 +1.28%
United Technologies Corp. (UTX) $102.14 +0.81%
JP Morgan Chase & Co. (JPM) $58.20 +0.80%
Unitedhealth Group Inc. (UNH) $126.33 +0.52%
American Express Co. (AXP) $59.80 +0.50%
Caterpillar Inc. (CAT) $74.63 +0.38%
Apple Inc. (AAPL) $109.04 +0.35%
Exxon Mobil Corp. (XOM) $83.32 +0.13%
Intel Corp. (INTC) $31.67 +0.13%
E.I. du Pont de Nemours and Co. (DD) $63.22 +0.03%

Dow Jones I.A - Fallers
Nike Inc. (NKE) $57.92 -2.52%
Pfizer Inc. (PFE) $31.89 -1.88%
Chevron Corp. (CVX) $95.24 -1.13%
Verizon Communications Inc. (VZ) $51.61 -1.09%
Wal-Mart Stores Inc. (WMT) $67.40 -0.97%
Coca-Cola Co. (KO) $46.44 -0.92%
Procter & Gamble Co. (PG) $82.73 -0.56%
Merck & Co. Inc. (MRK) $55.05 -0.56%
Home Depot Inc. (HD) $133.01 -0.46%
Travelers Company Inc. (TRV) $114.78 -0.39%

Nasdaq 100 - Risers
Seagate Technology Plc (STX) $34.97 +5.24%
Ctrip.Com International Ltd. Ads (CTRP) $45.68 +2.81%
Western Digital Corp. (WDC) $44.23 +2.62%
JD.com, Inc. (JD) $27.28 +1.56%
NetApp Inc. (NTAP) $26.12 +1.20%
Yahoo! Inc. (YHOO) $36.48 +1.14%
Illumina Inc. (ILMN) $169.90 +0.91%
Mattel Inc. (MAT) $32.59 +0.90%
Expeditors International Of Washington Inc. (EXPD) $47.91 +0.88%
QUALCOMM Inc. (QCOM) $51.00 +0.87%

Nasdaq 100 - Fallers
Endo International Plc (ENDP) $26.03 -8.02%
Mylan Inc. (MYL) $45.56 -3.06%
TripAdvisor Inc. (TRIP) $60.59 -2.65%
Akamai Technologies Inc. (AKAM) $51.06 -2.52%
Micron Technology Inc. (MU) $10.45 -2.52%
Cerner Corp. (CERN) $55.11 -2.37%
Biomarin Pharmaceutical Inc. (BMRN) $83.20 -2.36%
Celgene Corp. (CELG) $103.81 -2.31%
Regeneron Pharmaceuticals Inc. (REGN) $396.14 -2.17%
Incyte Corp. (INCY) $75.81 -2.14%