S&P 500 Stutters After Hitting Fresh Record High

S&P 500 Stutters After Hitting Fresh Record High

© Reuters

By Yasin Ebrahim

Investing.com - The S&P 500 retreated from a fresh record high Monday, as falling technology stocks offset a rise in financials and consumer discretionary ahead of the start of quarterly earnings season this week.

The fell 0.13%, after hitting a record high of 4,130.9, the fell 0.36%, or 120 points, and the was down 0.42%.

Consumer discretionary and financials supported the broader market's move to record highs, with the latter coming under the spotlight as major banks report quarterly earnings this week.

Major Wall Street banks reporting include JPMorgan (NYSE:), Citigroup (NYSE:), Bank of America (NYSE:), Wells Fargo & Company (NYSE:) and Goldman Sachs (NYSE:).

Wall Street's outlook on quarterly earnings appears bullish, with cyclicals backed to show strong quarterly results.

"We anticipate S&P 500 Index earnings per share will grow by more than 30% this year with cyclical sectors such as industrials, consumer discretionary, materials, and financials leading the way," Wells Fargo said.

Energy stocks slipped on a retreat oil prices from session highs as investors weighed up the ongoing progress on vaccinations against ongoing Covid-19 restrictions that threaten energy demand.  

Technology started the week on the backfoot stifled by weakness in chip stocks and mixed