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US stocks wobble, hover around record highs set last week

Technology stocks fell and tempered gains elsewhere in the market.
Trader Vincent Napolitano, right, works on the floor of the New York Stock Exchange, Monday, Nov. 1, 2021. Stocks are opening modestly higher on Wall Street Monday, bringing major indexes a bit further past the record highs they set last week.
Trader Vincent Napolitano, right, works on the floor of the New York Stock Exchange, Monday, Nov. 1, 2021. Stocks are opening modestly higher on Wall Street Monday, bringing major indexes a bit further past the record highs they set last week. [ RICHARD DREW | AP ]
Published Nov. 1, 2021|Updated Nov. 1, 2021

Stocks wobbled in morning trading on Wall Street Monday and hovered around record highs set last week.

The S&P 500 fell less than 0.1 percent in the as of 10:17 a.m. Eastern. The Dow Jones Industrial Average rose 24 points, or less than 0.1 percent, to 35,843 and the Nasdaq rose 0.3 percent.

Smaller company stocks far outpaced the broader market in a sign that investors were confident about economic growth. The Russell 2000 rose 2.1 percent.

Energy stocks made solid gains as oil prices rose 0.6 percent. Exxon Mobil rose 2 percent. A mix of companies that rely on direct consumer spending for goods and services also rose.

Bond yields rose and helped banks make gains, as they rely on higher yields to charge more lucrative interest rates on loans. The yield on the 10-year Treasury rose to 1.59 percent from 1.55 percent late Friday. Capital One rose 1.6 percent.

Technology stocks fell and tempered gains elsewhere in the market.

Every major index reached record highs on Friday to cap the broader market’s best month in nearly a year. Stocks have been gaining ground for weeks as investors review a steady flow of mostly encouraging corporate earnings.

More than half of the companies in the benchmark S&P 500 index have already reported results. Analysts expect overall profit growth of 36 percent by the time reporting is finished. Another 167 companies within the index will report their results this week.

Pharmaceutical giant Pfizer will report its results on Tuesday and CVS Health will report results on Wednesday.

Investors will also be watching another policy meeting by the Federal Reserve, which is in the process of considering how to wind down its extraordinary support measures for the economy. The central bank will release its latest statement on Wednesday.

Wall Street will get another update on the employment market when the Labor Department releases its jobs report for October on Friday.

By DAMIAN J. TROISE AP Business Writer

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