The stock market’s five-day winning streak came to an end Monday, as investors fretted over weak results from Lowe’s and rising oil prices and Mideast tensions.
Google led tech stocks lower, slumping 1.6% on reports from Nielsen/NetRatings and comScore Networks that its share of the search market slipped in July. The decline had some analysts wondering if Google’s long run had finally peaked.
Microsoft provided some support, adding another 1.3% on the heels of its expanded share buyback. Photon
also gained on a buyback plan.
Qiao Xing tacked on 3% after raising guidance.
Inter-Tel was another gainer, climbing 5% on a takeover offer from its founder.
Stock option issues continued to hit stocks. Broadcom lost 3.7% after receiving a delisting notice from the Nasdaq for delaying its quarterly report to review equity award practices.
The Nasdaq lost 16 to 2147, the S&P 500 gave back 5 to 1297, and the Dow fell 36 to 11,345. Volume declined to 1.76 billion shares on the NYSE, and 1.37 billion on the Nasdaq. Decliners led 19-13 on the NYSE, and 20-10 on the Nasdaq. Downside volume was 66% on the NYSE, and 73% on the Nasdaq. New highs-new lows were 107-38 on the NYSE, and 54-71 on the Nasdaq.
