Dow Jones Industrial Average rises 10 points
The Dow rose 10.25 points, or 0.04%, to close at 27,691.49. The S&P 500 dipped 0.20% to 3,087.01. The Nasdaq Composite dropped 0.13% to 8,464.28. Stocks were little changed for most of the session as Wall Street digested the market's recent move to record highs while trade tensions lingered and protests in Hong Kong escalated.
Trade, Hong Kong temper market enthusiasm
President Donald Trump said Friday he had not approved a rollback of U.S. tariffs on Chinese goods, contradicting earlier reports that both countries agreed to do so as part of a phase-one trade deal. Investors continued to mull over those comments amid an absence of new developments on the trade front. Sentiment was also dampened by an escalation in the Hong Kong protests, which left two in critical condition overnight. Stocks remain around record levels despite Monday's muted performance. However, short bets on VIX futures are at an all-time high, raising concern investors may be too optimistic in the short run.
Walgreens, Boeing jump
Walgreens shares jumped 5.08% on a report saying private equity firm KKR has formally approached the drug store operator about a potential leveraged buyout. Boeing climbed 4.55% after the company said it expects deliveries for its 737 Max jet to resume next month.
What happens next?
Investors will turn their attention to Trump on Tuesday, when he is expected to speak at the Economic Club of New York. CBS, Tyson Foods and Tilray are also scheduled to report quarterly numbers on Tuesday. Read more here.