NEW YORK: Stocks closed a low-volume, light-news session with slight losses Monday, though the technology-dominated Nasdaq Composite managed a gain.
The S&P 500 edged down 1.95 points, or 0.1 percent, to 1,689.47 and the Dow Jones industrial average dipped 5.83 points, or 0.04 percent, to end at 15,419.68.
But the Nasdaq Composite gained 9.84 points, or 0.3 percent, to 3,669.95. A nearly 3 percent gain by Apple Inc. provided a lift to the tech-heavy index, after a report over the weekend that the next iPhone will debut on Sept. 10. Investors also were digesting a price-target cut for Apple by analysts.
On Monday, IT and telecom stocks were performing best among S&P sectors, as energy and utilities fared worst. Caterpillar Inc. and Cisco Systems Inc. did best among Dow components, while Walt Disney Co. was the biggest decliner.
Takeover talk helped stocks pare losses, said Kim Forrest, senior equity analyst at Fort Pitt Capital Group. She pointed to BlackBerry Ltd. saying it’s considering a sale, alongside buyout speculation swirling around U.S. Steel Corp.
“That’s sort of making the rounds,” Forrest told MarketWatch. “Gains in either are not driven by fundamentals.”
BlackBerry, the struggling smartphone maker, surged nearly 11 percent, while U.S. Steel added 2.1 percent.