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Stocks slipped on Monday as investors questioned whether the market was getting ahead of itself following five straight winning weeks.
The Dow Jones Industrials flopped 142.5 points at 36,103.
The S&P 500 lost 33.72 points to 4,560.91.
The NASDAQ tumbled 158.96 points, or 1.1%, to 14,146.08.
The broad S&P 500 posted its highest close since March 2022 on Friday, bringing its year-to-date gains to almost 20%. The blue-chip Dow posted its first five-week win streak since 2021 last week and is up more than 9% for the year. The tech-heavy NASDAQ Composite has popped 37% in 2023.
As stocks stagnated, bitcoin and gold rallied to start the week. Bitcoin passed the $41,000 mark to notch a 19-month high, while gold reached its highest nominal intraday level ever.
Riot Platforms jumped more than 5%, as bitcoin advanced. Coinbase, Marathon Digital and Microstrategy all gained more than 4%.
Alaska Airlines dropped more than 15% after it agreed to acquire rival Hawaiian Airlines for $1.9 billion. The move is part of Alaska’s efforts to expand along the West Coast.
Monday’s moves mark a pullback following a strong period in the market. Technology shares struggled in the session, with Nvidia, Alphabet and Meta all sliding nearly 3%.
The broad S&P 500 posted its highest close since March 2022 on Friday, bringing its year-to-date gains to almost 20%. The blue-chip Dow posted its first five-week win streak since 2021 last week and is up nearly 9% for the year. The tech-heavy Nasdaq Composite has climbed more than 34% in 2023.
Prices for the 10-year Treasury stumbled, raising yields to 4.29% from Friday’s 4.21%. Treasury prices and yields move in opposite directions.
Oil prices gave back 61 cents to $73.46 U.S. a barrel.
Gold prices climbed $47.10 to $2,042,60.
