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Dow ekes out gains amid slide in tech stocks

Investing.com -

Investing.com - U.S. stocks closed mixed on Monday, as losses from large-cap technology stocks were offset by gains in Financials while weaker than expected economic data weighed on sentiment.

Financials, mostly banks, advanced as investors continue to cheer the test results of US banks while news that that two regional Italian banks managed to secure a bailout lifted sentiment.

Shares of JPMorgan, Bank of America and Goldman Sachs closed in positive for the session, as the latter gain more than 1.5%.

Last Thursday, the Federal Reserve released its stress test results, showing that the 34 institutions under scrutiny are adequately capitalised to make it through a severely adverse scenario - akin to the financial crisis.

A slump in large-cap technology stocks, however, weighed on the broader market, limiting upside momentum, as Google, Apple, and Amazon struggled to hold onto gains.

On the economic data front, investors mulled over weaker-than-expected economic data as new orders for key U.S.-made capital goods unexpectedly fell in May, pointing to a slowdown in the manufacturing sector.

The Commerce Department said on Monday that overall orders for durable goods, fell 1.1% in May, the biggest decline since November.

Analysts had forecast durable goods orders to decline of -0.6%.

The subdued durable goods order report, fuelled investor fears that second-quarter economic growth may not be as robust as previously expected and comes ahead of several speeches from Fed officials during the week.

In corporate news, Facebook is reported to be in talks with Hollywood studios about producing scripted, TV-quality shows, with an aim of launching original programing by late summer, the Wall Street Journal reported on Sunday.

The Dow Jones Industrial Average closed at 21,409.55. The S&P 500 closed 0.03% higher while the Nasdaq Composite closed at 6247.15, down 0.29%.

The 'Bulls and Bears' on Wall Street

The top Dow gainers for the session: Goldman Sachs Group Inc (NYSE:GS) up 1.5%, Walt Disney Company (NYSE:DIS) up 0.9%, while American Express Company (NYSE:AXP) rose 0.9%.

Boeing Co (NYSE:BA) down 1.1%, Microsoft Corporation (NASDAQ:MSFT) down 1% and Chevron Corporation (NYSE:CVX) down 0.8%, were among the worst Dow performers of the session.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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