Wall Street slightly lower as tech stocks, oil weigh

(Reuters) – U.S. stock indexes were lower on Monday, pressured by a drop in technology and energy companies and muted appetite for equities after last week’s spike in Treasury yields following healthy economic data.

Six of the 11 major S&P sectors were lower as a 0.35 percent slide in technology stocks led the declines, followed by a 0.24 percent drop in the energy sector.

The drop in technology stocks was led by a 0.5 percent fall in Apple and a decline in chipmakers. Micron fell 1 percent and Nvidia dropped 0.7 percent.

Members of the so-called FAANG group — Facebook, Amazon, Netflix and Alphabet — were down between 0.24 percent and 2 percent.

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Energy companies were hurt as crude prices dropped below $83 per barrel on expectations that some Iranian oil exports will keep flowing after the United States reimposes sanctions, easing a strain on supplies. [O/R]

Yields on the 10-year note were at seven-year highs, after a solid jobs report raised the specter of faster interest rate hikes. The U.S. Treasury market was closed on Monday for the Columbus Day holiday.

“There’s a hangover from last week’s rapid move in yields and just because the bond market’s closed, doesn’t mean investors are not worried,” said Michael Antonelli, managing director, institutional sales trading at Robert W. Baird in Milwaukee.

While U.S. stocks have eased off record highs following last week’s drop, there are still concerns about valuations in the pricier names, especially with the corporate earnings season on tap.

At 10:00 a.m. ET the Dow Jones Industrial Average was down 13.43 points, or 0.05 percent, at 26,433.62, the S&P 500 was down 4.00 points, or 0.14 percent, at 2,881.57 and the Nasdaq Composite was down 8.35 points, or 0.11 percent, at 7,780.09.

China’s central bank announced a steep cut in the level of cash that banks must hold as reserves on Sunday, stepping up moves to lower financing costs and spur growth amid concerns over economic drag from the Sino-U.S. trade spat.

Casino operators fell after Morgan Stanley cut its gross gaming revenue growth estimates for Macau.

Wynn Resorts fell 1.8 percent, the most on the S&P, MGM Resorts was down 0.8 percent and Melco Resorts declined 2.3 percent.

General Electric climbed 1.6 percent, the most on the S&P, after Barclays echoed investor optimism over Larry Culp, saying the conglomerate’s new chief executive officer will be able to drive more robust restructuring.

Declining issues outnumbered advancers for a 1.49-to-1 ratio on the NYSE and a 1.84-to-1 ratio on the Nasdaq.

The S&P index recorded five new 52-week highs and 19 new lows, while the Nasdaq recorded six new highs and 75 new lows.