WASHINGTON (dpa-AFX) - Stocks have moved mostly lower during trading on Monday, giving back ground after moving sharply higher over the past several sessions. The major averages have all moved to the downside, although selling pressure has remained relatively subdued.
Currently, the major averages are just off their lows of the session. The Nasdaq is down 143.48 points or 0.7 percent at 20,457.62, the S&P 500 is down 33.99 points or 0.5 percent at 6,245.36 and the Dow is down 245.97 points or 0.6 percent at 44,582.56.
The weakness on Wall Street may partly reflect profit taking following the strong upward move seen over the past few sessions.
Stocks rallied last Thursday following the release of stronger than expected jobs data, lifting the Nasdaq and the S&P 500 to new record closing highs.
Uncertainty about trading is also weighing on the markets after the Trump administration indicated the deadline for imposing new tariffs on U.S. trade partners has been extended until August 1st.
With new tariffs expected to imposed on Wednesday, the delay has led to some anxiety among traders, who generally seek clarity.
'What's troubling investors is Trump potentially moving the goalposts yet again,' said Dan Coatsworth, investment analyst at AJ Bell. 'He has form in constantly coming up with new terms and conditions and has now threatened an extra 10% tariff on countries who align themselves with 'anti-American policies' of BRICS nations.'
'He also suggests some tariffs could reach up to 70%, greater than the previous maximum amount on the Liberation Day menu,' he added. 'Investors would much prefer one set of rules and for the Trump administration to stick to them.'
Sector News
Semiconductor stocks are turning in some of the market's worst performances on the day, with the Philadelphia Semiconductor Index falling by 1.2 percent.
Weakness is also visible among biotechnology stocks, as reflected by the 1.0 percent loss being posted by the NYSE Arca Biotechnology Index.
Steel, housing and telecom stocks are also seeing some weakness, while most of the other major sectors are showing more modest moves to the downside.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Monday. Japan's Nikkei 225 Index slid by 0.6 percent, while South Korea's Kospi inched up by 0.2 percent.
The major European markets have also turned mixed on the day. While the U.K.'s FTSE 100 Index is down by 0.2 percent, the French CAC 40 Index is up by 0.2 percent and the German DAX Index is up by 0.9 percent.
In the bond market, treasuries are extending the downward trend seen over the past several sessions. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 3.9 basis points at 4.379 percent.
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