Dow Rally Takes Breather as Consumer, Tech Stocks Stall By Investing.com – Investing.com

Dow Rally Takes Breather as Consumer, Tech Stocks Stall By Investing.com – Investing.com

© Reuters.

By Yasin Ebrahim

Investing.com – The Dow fell Monday, paced by declines in consumer discretionary and technology as investors reined in their bullish bets on stocks ahead of a busy week, with big tech set to report earnings this week.

The fell 0.36%, or 123 points, but remained close to its record of 34,256.75. The fell 0.53%, and the was down 0.98%.

Tech stocks stalled after their recent rally, as investors to pause on big tech ahead of earnings from FAANG due later this week.

Facebook (NASDAQ:), and Amazon.com (NASDAQ:) were down, while Apple (NASDAQ:), Netflix (NASDAQ:) and Google-parent Alphabet (NASDAQ:) ended in the green.

Consumer discretionary, meanwhile, was led lower by a fall in casino stocks despite expectations for a strong rebound for the sector as a faster pace of vaccine rollouts boosts efforts to reopen the economy.

Caesars Entertainment Corporation (NASDAQ:) and Penn National Gaming (NASDAQ:) were among the biggest losers, with the latter down more than 6%.

"We think pent-up demand and a return of older gamblers should drive upside in coming months but less promo and non-gaming could still keep reported net revenue below pre-COVID levels," Bank of America (NYSE:) said last week.

Tesla (NASDAQ:) also held the sector back