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WALL STREET CLOSES CHOPPY, LOW-CONVICTION TRADING DAY WITH LITTLE TO SHOW FOR IT

Wall Street recovered from earlier losses Monday to end the session with modest gains as investors digested Moody's U.S. sovereign downgrade late Friday and mulled the implications of President Trump's massive tax bill currently winding its way through Congress.

With little else going on in the way of catalysts, the S&P 500 and the Nasdaq closed nominally higher, while the Dow, lifted by healthcare stocks .SPXHC ended with only slightly stronger gains.

Energy .SPNY and housing stocks .HGX were the underperformers on the day, with economically sensitive chips .SOX, banks .SPXBK and smallcaps .RUT also closing in negative territory.

Aside from the Conference Board's Leading Economic Index, there were no macroeconomic indicators to speak of. Fed speakers repeated their "wait and see" mantra, and first-quarter earnings season is winding down, with a handful of retailers, including Home Depot HD.N tomorrow, waiting in the wings.

Home Depot rival Lowes LOW.N reports on Wednesday, as does Walmart competitor Target TGT.N.

The rest of the pre-Memorial Day week carries a light data payload. Aside from jobless claims, flash PMI and a smattering of housing data (mortgage demand, existing/new home sales), little else is in the offing.

Here's your closing snapshot:

(Stephen Culp)

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MONDAY'S EARLIER LIVE MARKETS POSTS:

WHAT DOES THE FED SAY? WAIT AND SEE - CLICK HERE

MOODY'S DOWNGRADE RAMIFICATIONS: DAMPENED APPETITE FOR TREASURIES, INTENSIFIED FISCAL POLICY PRESSURE CLICK HERE

LEADING ECONOMIC INDEX POSTS BIGGEST MONTHLY DROP IN OVER TWO YEARS - CLICK HERE

WALL ST SLUMPS ON MOODY'S DOWNGRADE AS LAWMAKERS WRANGLE TRUMP TAX BILL - CLICK HERE

U.S. FUTURES POINT TO DROP AT THE OPEN AFTER MOODY'S DOWNGRADE - CLICK HERE

ARE EUROPEAN EQUITY VALUATIONS HIGH? - CLICK HERE

THE DOLLAR'S FISCAL FROWN - CLICK HERE

FEES POWER BANK BEATS - CLICK HERE

LOWER BUT CALMLY - CLICK HERE

LOTS GOING ON, EUROPEAN FUTURES OUTPERFORM - CLICK HERE

MORNING BID: SO, CHINA SHOULD CONSUME MORE AND THE US LESS? - CLICK HERE

(Reporting by Chuck Mikolajczak)

((charles.mikolajczak@tr.com; @chuckmik.bsky.social;))