US benchmarks closed mixed
S&P 500 reaches new record again
TSX down 27pts
Kohls Corp jumps
Wall Street shares ended mixed but the S&P 500 reached a new high - something it has done every day of 2018.
The Dow Jones meanwhile broke its four day winning streak- closing over 12 points down at 25,283.
The S&P 500 added 4.56 at 2,747, while the Nasdaq gained almost 21 points at 7,157.
In Toronto, the TSX lost over 27 points at 16,321.
The Dow Jones was weighed down by losses in heavyweight bank Goldman Sachs (NYSE:GS), down 1.4% and UnitedHealth Group Inc (NYSE:UNH), down 1.74% to US$224.76.
Retailer Kohl's Corp (NYSE:KSS) jumped 4.7% to US$56.90 after reporting strong holiday sales.
Meanwhile, camera firm GoPro Inc (NASDAQ:GPRO) plunged 12.8% to US$8.56 after it announced weak sales and a restructuring.
Whenever the S&P 500 index has risen at least 2% in the first five trading sessions of the year in the past, it ends in positive territory for the whole year 100% of the time, suggested Ryan Detrik, market strategist at LPL Financial reportedly.
S&P 500 up +2.8% YTD after 5 days.
Previous 15 times it started >2% after 5 days?
Finished higher the full year every single time (15 for 15) and up +18.6% on avg.https://t.co/rsCTPJBPG8 pic.twitter.com/MNEbPdu7hf
— Ryan Detrick, CMT (@RyanDetrick) 8 January 2018
MID-SESSION
Wall Street shares are still mixed in mid-session. The FTSE 100 closed earlier 27 points down.
OPEN
Wall Street stocks started in the red on Monday as the shine came off the recent rally.
The Dow Jones is down 34 at 25,262, while the S&P 500 shed 1.91 at 2,741.
The tech heavy Nasdaq index shed over three points at 7,133.
In equities, Caterpillar Inc (NYSE:CAT), the machinery giant, added 1.59% to US$164.59 after broker heavyweight JP Morgan upgraded the shares, sayinbg it expected another strong year for the firm in light of the Republican tax reform bill.
PREVIEW
US benchmarks are seen mixed on Monday after reaching record highs last week as news emerged that flames have been seen at Trump Tower in New York.
Crews were called to President Trump's luxury block at East 57th Street and Fifth Avenue early in the morning, according to sources..
WATCH: Firefighters responded to a fire on the roof of Trump Tower in New York City https://t.co/LnII0XquRZ pic.twitter.com/yyJLEPC50K
— Reuters Top News (@Reuters) January 8, 2018
There were reportedly no evacuations and no injuries due to the blaze in the top floor.
In futures trade, the Dow is flat, the S&P 500 is down 2.75 while the Nasdaq is down over 7.7 points.
On Friday, the Dow added over 220 points at 25,295, while the S&P 500 gained over 19 and the Nasdaq added over 58 points.
Lululemon Athletica Inc (NASDAQ:LULU) shares rose ahead of the opening bell after the maker of yoga gear raised its fourth quarter profit and revenue guidance.
On the downside, Axovant Sciences (NASDAQ:AXON) shares plunged almost 48% after the biopharmaceutical company said it would discontinue its intepirdine programme for the treatment of dementia after it failing to meet its primary efficacy endpoints in a phase 2 trial.
West Texas Intermediate crude gained 0.35% to US$61.66 per barrel and Brent crude increased 0.35% to US$67.82 per barrel.
Data from Baker Hughes on Friday showed the number of active US rigs drilling for oil unexpectedly fell by five to 742 last week, indicating that production could slowdown - normally a positive catalyst for crude prices.