U.S. stock indexes are trading mixed on Monday with the NASDAQ Composite posting a gain while the S&P 500 Index and the Dow Jones Industrial Average are under pressure.
Early in the cash market session, the tech-based NASDAQ Composite is trading 6716.16, up 14.90 or +0.22%. The benchmark S&P 500 Index is at 2578.22, down 2.85 or -0.11% and the blue chip Dow Jones Industrial Average is trading 23409.13, down 25.06 or -0.11%.
The NASDAQ clawed back to positive for the day after early session weakness. The index is being helped by Amazon and Apple which advanced 0.9 percent and 2.2 percent respectively. Both also hit new all-time highs.
The S&P 500 Index is under pressure due to weakness in the consumer staples sector. The index was also being influenced by a 2.7 percent drop in General Motors stock. It fell after Goldman Sachs downgraded the stock to sell. Analysts at GS predict a 28 percent decline over the next 12 months for the stock.
Shares of Merck are being blamed for weakness in the Dow.
In earnings news, later this week, investors will get the opportunity to react to the latest reports from Apple, Starbucks, Qualcomm and Tesla.
More than half of the S&P 500 has reported as of Friday, with 76 percent of those companies beating estimates on the bottom line while 67 percent have topped sales expectations, according to FactSet.
In economic news, the Core PCE Price Index rose 0.1% as expected. Personal Spending rose 1.0%, more than the 0.8% forecast. Personal Income was up 0.4%, in line with expectations.