Indexes Step Back from Recent Rally

Stocks slipped Monday to start a shortened trading week as the rally that brought Wall Street to record levels took a breather.

The Dow Jones Industrials dropped 162.26 points to 39,313.64.

The S&P 500 index dumped 15.99 points to 5,218.19.

The NASDAQ slid 44.35 points to 16,384.47.

Shares of Intel slid 1.7% after The Financial Times reported that new China guidelines would block the company’s chips in government servers and computers. United Airlines stock fell 3.4% after the Federal Aviation Administration said it would be heightening its scrutiny of the airline after a series of safety incidents.

The market is on track for its fifth consecutive month of gains, with the major U.S. stock benchmarks crossing new all-time closing high levels last week. The S&P 500 added roughly 2.3% last week, while the Dow gained just under 2% for its best week since December, nearing the 40,000 level. The NASDAQ, meanwhile, jumped about 2.9% during the period.

Prices for the 10-year Treasury fell, raising yields to 4.25% from Friday’s 4.21%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.28 to $81.91 U.S. a barrel.

Gold prices added 12 dollars to $2,172.00.