US equity indexes traded mixed after midday Monday amid gains in most government bond yields and a surge in gold futures.
The Nasdaq Composite slid 0.5% to 17,894.1, and the S&P 500 retreated 0.3% to 5,667.2. The Dow Jones Industrial Average rose 0.1% to 41,361.3 intraday. The S&P 500 is heading for its first drop in 10 trading sessions. Most sectors fell, with energy and consumer discretionary leading the decliners. Industrials and real estate were the sole gainers.
Most US Treasury yields rose intraday, with the 10-year up 1.4 basis points to 4.33%.
Gold futures jumped 2.4% to $3,320.61 per ounce.
In economic news, the Institute for Supply Management's US services index rose to 51.6 in April from 50.8 in March, compared with expectations for a 50.3 print in a Bloomberg-compiled survey. The ISM's reading indicates expansion, matching the Kansas City and the S&P Global indexes but contrasting other regional services data that signaled contraction.
West Texas Intermediate crude oil futures sank 3% to $56.55 a barrel.
In company news, Seaport Global Securities adjusted the share-price target for Delta Air Lines (DAL) to $65 from $50. Shares jumped 3.3% intraday, the top gainer on the S&P 500.
Tyson Foods (TSN) shares slumped 9% intraday, the second-worst performer on the S&P 500 after fiscal Q2 adjusted earnings beat, while sales were flat from a year ago and missed expectations.
ON Semiconductor (ON) reported a year-over-year slump in Q1 non-GAAP earnings and revenue. Its shares dived 9% intraday, the steepest decline on the Nasdaq.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.