Investing.com – Wall Street was down on Monday, as bank and technology stocks dragged down ahead of earnings season.
The S&P 500 fell two points or 0.08% as of 9:53 AM ET (14:53 GMT) while the Dow composite decreased 25 points or 0.11% and tech heavy NASDAQ Composite was down over one point or 0.03%.
Banking stocks were among the worst performers after the morning bell. Bank of America (NYSE:BAC) fell 0.59% while JPMorgan (NYSE:JPM) inched down 0.25% and Wells Fargo (NYSE:WFC) slipped 0.43%. JPMorgan and Wells Fargo are expected to release their financial results on Friday, along with BlackRock.
Elsewhere, construction firm Caterpillar (NYSE:CAT) rose 0.84% to reach a record high 163.32 a share after JP Morgan upgraded its stock, saying the tax overhaul could extend construction business. Camera maker GoPro Inc (NASDAQ:GPRO) shares slumped 31.91% after the firm announced layoffs and cut revenue forecasts.
Meanwhile graphics chipmaker NVIDIA Corporation (NASDAQ:NVDA) surged 3.77% after announcing a partnership with Uber and Volkswagen (DE:VOWG_p) and expanding its artificial intelligence technology for self-driving cars.
Later on Monday, Atlanta Federal Reserve President Raphael Bostic is expected to deliver remarks on the economic outlook and monetary policy at the Rotary Club of Atlanta. San Francisco Fed President John Williams and Boston Fed President Eric Rosengren will also be delivering separate remarks at Brookings Institution in Washington.
In Europe stocks were mostly up. In Germany the DAX rose 55 points or 0.42% while France’s CAC 40 increased 18 points or 0.33% and in London the FTSE 100 fell 19 points or 0.25%. Meanwhile Spain’s IBEX 35 was up seven points or 0.07% and the pan-European Euro Stoxx 50 surged 10 points or 0.30%.
In commodities, gold futures fell 0.19% to $1,319.80 a troy ounce while crude oil futures increased 0.08% to 61.49 a barrel. The U.S dollar index, which measures the greenback against a basket of six major currencies, rallied 0.34% to 92.06.