For the day, the Dow ended lower by 14.05 points (0.1%) at 13,881.93. Nasdaq ended higher by 4.59 points (0.15%) at 3,154.3. S&P 500 ended lower by 2.78 points (0.2%) at 1,500.18.
Among the ten economic sectors, the materials sector led losses and technology was the best performing of its 10 major sectors. Twelve out of thirty Dow components ended higher led by Caterpillar. Aloca led the Dow decliners.
The major averages began today's session on a mixed note, and the sentiment continued to hold at midday. Notably, the Nasdaq was the top performing index. The relative strength came as Apple traded higher by 2.4% after reports indicated the company's first quarter shipments of iMac products are expected to increase. The scrip had lost almost 13% last week following disappointing earnings.
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Also, in the tech sector, Seagate added 0.6% prior to its quarterly report scheduled for this evening. Expectations for a strong report were largely priced-in as the stock has surged nearly 50.0% in the eight weeks leading up to today's after-hours report.
While technology stocks outperform, the materials sector was the biggest laggard. The space was off by 1.0% after Goldman Sachs downgraded the U.S. steel sector to 'Cautious' from 'Neutral.'
The broader market was also being pressured by the discretionary sector where homebuilders saw general weakness. This comes after the December pending home sales report indicated a 4.3% decline in sales.
This morning's only notable earnings report came from Caterpillar. The producer of industrial equipment is rising by 1.5% after beating on the bottom line. Though the company exceeded the estimate, its earnings declined by 17.7% year-over-year and its revenue slid 6.8%.
The dollar index, which weighs the strength of the dollar against a basket of six other currencies rose by 0.1% on Monday.
U.S. economic data, however, were mixed on Monday. Pending home sales fell 4.3% in December, with low inventory cutting results, according to data released on Monday by the National Association of Realtors. The trade group's pending-home-sales index declined to 101.7 in December from 106.3 in November. A reading of 100 equals the average level of contract activity in 2001, when NAR started tracking these data.
In addition to December pending home sales, the market also received economic data from the Census Bureau. In December, durable goods rose by 4.6%, which was well ahead of the 1.6% increase, which had been forecast. As expected, aircraft orders were a primary factor for the surge in orders. Nondefense aircraft orders increased 10.1% while defense aircraft orders rose 56.4%.
Traders and investors are awaiting important U.S. economic data due out later in the week. The U.S. Federal Reserve's FOMC meeting begins Tuesday and its interest rate announcement occurs on Wednesday afternoon. Also, the U.S. employment report is out Friday morning.
Bullion metal prices ended lower on Monday, 28 January 2013. Gold prices ended the U.S. day session with modest losses and hit fresh two-week low on Monday. nvestors weighed the metal's safe-haven prospects against mixed U.S. economic data as well as a Federal Reserve's policy meeting this week and a stronger dollar.
Gold for February delivery ended lower by $3.7 or 0.2%, to settle at $1,652.9 an ounce on the Comex division of the New York Mercantile Exchange on Monday. March silver closed lower by 43 cents, or 1.5%, at $30.78 an ounce on Monday, lowest level seen in two weeks.
Crude-oil prices ended moderately higher on Monday, 28 January 2013 at Nymex. Prices ended higher as unrest in the Middle East fed supply concerns, and as traders weighed the outlook for energy demand against mixed U.S. economic data. Crude for February rose $0.56 cents, or 0.6%, to settle at $96.44 a barrel on the New York Mercantile Exchange on Monday.
More than 656 million shares traded on the New York Stock Exchange. Composite volume topped 3.3 billion
Indian ADRs ended mixed on Monday. In the Banking space, ICICI Bank was down 0.3% and HDFC Bank was down 1%. In the IT space, Infosys was down 0.9% and Wipro was up 0.2%. In the other space, Sterlite was up 0.12%, Tata Motors was up 0.75%. Dr Reddys was down 0.9%. .
For tomorrow, economic data will be limited to the November Case-Shiller 20-city Index which will be reported at 9:00 ET. In addition, January consumer confidence will cross the wires at 10:00 ET. In notable earnings, Ford Motor will report its fourth quarter results ahead of the open.
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