The 30-stock Dow declined by 84 points. The S&P 500 eked out a 0.1% gain to close at 2,895.77. The Nasdaq Composite ended Monday 0.2% higher.
“Equity trends remain steadfastly bullish but are now getting stretched, and have arrived at near-term areas where resistance could set in,” said Mark Newton, managing member at Newton Advisors. “Momentum is nearing overbought territory yet again after one of the best quarters in over 20 years time, while the groups that have led this rally, namely technology, consumer discretionary and industrials, are now up to levels near prior highs which are thought to be important from a price perspective.”
Shares of Boeing and General Electric led the decline. Boeing dropped more than 4% after Bank of America Merrill Lynch cut its rating on the aerospace giant to neutral from buy. The bank said it expects production of the737 Max jet to be delayed by six to nine months. This follows a deadly plane crash from last month that involved a 737 Max plane.
· Stocks in Asia were tepid in Tuesday morning trade following an overnight session that saw a muted finish for shares on Wall Street.
The broad MSCI Asia ex-Japan index was largely flat at 541.38, as of 8:21 a.m. HK/SIN.
In Japan, the Nikkei 225 was 0.13% higher as shares of index heavyweight Fanuc jumped more than 2%. The Topix index, however, fell 0.12%.
South Korea’s Kospi advanced 0.11% as shares of LG Chem rose more than 1%.
Reference: CNBC
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