Comeback Continues at Slower Pace

U.S. stocks wavered over the flat line Monday following a major rebound last week from this year’s steep declines. Wall Street is preparing to wrap up the worst first half for stocks in decades.

The Dow Jones Industrials recovered 19.76 points to 31,520.44.

The S&P 500 squeaked ahead 2.22 points to 3,913.96.

The NASDAQ Composite went the other way, docking 36.8 points to 11,570.82.

Cruise names dragged the market lower Monday. Royal Caribbean, Norwegian Cruise and Carnival fell more than 2% each.

Etsy was another top decliner, down 4% following a downgrade by Needham. Shares of Spirit Airlines fell more than 7% after the company said it would accept the latest takeover bid from Frontier Group.

The energy sector was a notable gainer, with Devon rising 7%. Valero gained 6% and Marathon was up about 5%.

BioNTech shares also advanced by about 7% after the drug maker said its Omicron-based COVID-19 booster generates an improved immune response against that variant.

Nike will report earnings for its fiscal fourth quarter after the bell Monday, ahead of a handful of other key reporters this week including Bed Bath & Beyond, General Mills, Constellation Brands and Walgreens.

Treasury prices were lower, raising yields to 3.18% from Friday’s 3.14%. Treasury prices and yields move in opposite directions.

Oil prices improved $1.55 to $109.17 U.S. a barrel.

Gold prices slid $2.60 to $1,827.70 U.S. an ounce.