Stocks turned mixed on Monday, Jan. 8, as investors held back from extending the recent global market rally following the best start to a new year in more than a decade.
The Dow Jones Industrial Average fell 57 points, or 0.2%, while the S&P 500 slipped 0.11%. The Nasdaq traded up slightly after tumbling earlier.
The moves pared gains from earlier in the premarket session that suggested another run at record highs on Monday after stocks had the best first week of a new trading year since 1999.
Nvidia Corp. (NVDA) - Get Report rose 2.6% after the chipmaker added Volkswagen AG (VLKAY) and Uber Technologies Inc. to its growing list of carmaking partnerships keen on using its artificial intelligence technology.
GoPro Inc. (GPRO) - Get Report said it expects fourth-quarter revenue of $340 million, way below analysts' estimates of $472 million, and said it would slash its workforce by 20% to cut costs and exit the drone market. The stock fell nearly 21% on Monday.
The U.S. corporate earnings season will kick off this week with analysts expecting a 10% boost in company's bottom lines over the three months ended in December, with near-term forecasts potentially boosted by the Trump administration's $1.5 trillion tax reform passage.
In Europe, the Stoxx 600 index rose 0.3% while equities in Asia finished the session to the upside.
Global oil markets edged higher as investors continued to re-price commodities in advance of solid growth in energy-hungry economies such as China and Germany as well as a modest decline in the number of U.S. drilling installations reported last week by Houston-based oil services provider Baker Hughes. West Texas Intermediate crude oil, the U.S. benchmark, rose 0.1% to $61.51 a barrel.
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