Stocks exhibited indecision during Monday's trading session, continuing the tepid performance observed at the end of the previous week. Major indexes oscillated around the unchanged mark throughout the day.
As it stands, the major indexes are showing mixed results. The Nasdaq has edged up 8.83 points or 0.1 percent to 17,697.71, while the S&P 500 has dipped 2.33 points or less than a tenth of a percent to 5,429.27, and the Dow has decreased by 77.29 points or 0.2 percent to 38,511.87.
The erratic trading on Wall Street stems from traders taking a moment to evaluate recent market activities and the near-term outlook. Last week saw new record highs for both the Nasdaq and the S&P 500 and robust weekly gains, whereas the Dow declined for the third week in the last four.
Investors may also be hesitant to make substantial moves ahead of the release of critical economic data in the upcoming days. Reports on retail sales and industrial production are expected to be the focus, along with updates on homebuilder confidence, housing starts, and existing home sales.
The forthcoming Juneteenth holiday, which will close the markets on Wednesday, is likely contributing to lighter trading activity.
Earlier today, the Federal Reserve Bank of New York reported that New York's manufacturing activity contracted at a notably slower rate in June. The New York Fed's general business conditions index rose to -6.0 in June from -15.6 in May; however, a negative reading still signifies contraction. Economists had forecasted the index to rise to -9.0.
Despite the ongoing contraction in current activity, the New York Fed noted that optimism about the six-month outlook reached its highest level in over two years.
### Sector Summary
Most major sectors are experiencing only modest movements, contributing to the overall lackluster market performance. Telecommunications stocks have taken a significant hit, with the NYSE Arca North American Telecom Index falling by 1.5 percent to its lowest intraday level in over a month.
Weakness has also been observed in gold stocks, as evidenced by the 1.0 percent drop in the NYSE Arca Gold Bugs Index, correlating with a decrease in gold prices.
Conversely, oil service stocks have risen in tandem with crude oil prices, pushing the Philadelphia Oil Service Index up by 1.1 percent.
### Global Markets
Overseas markets in the Asia-Pacific region mainly experienced declines on Monday. Japan's Nikkei 225 Index fell by 1.8 percent, and China's Shanghai Composite Index decreased by 0.6 percent.
In contrast, European markets displayed mixed performances. The U.K.'s FTSE 100 Index fell by 0.2 percent, while Germany's DAX Index increased by 0.2 percent, and France's CAC 40 Index rose by 0.5 percent.
In the bond market, treasuries are trending lower after gains in the past several sessions. Consequently, the yield on the benchmark ten-year note, which inversely correlates with its price, increased by 7.6 basis points to 4.289 percent.
