Stocks were wavering Monday as uncertainty over potential policy moves from Donald Trump weighed on Wall Street.
The Dow Jones Industrial Average rose 0.02% to trade at 20,076 after falling earlier in the session. The S&P 500 was down 0.11%, and the Nasdaq was flat.
All sectors of the S&P 500 sectors were in negative territory, except for industrials, which rose 0.11%, and utilities, up 0.04%.
"Generally, the overall trend is higher, but investors are also realizing that valuations are expensive," said Sam Stovall, CFRA's chief investment strategist, in a phone interview. "We are really sort of digesting the unemployment data that we got last week and whether it's an indication that the economy is on the upswing continued with the prospect that Donald Trump is actually doing what he said he would do during the campaign and whether that would then translate into expectations for tax cuts, repatriation, infrastructure spending, etc., but again still light on details."
The Dow closed above the 20,000 level for the first time in a week on Friday as the financials sector led the charge. Goldman Sachs (GS - Get Report) and Bank of America (BAC - Get Report) were among the bank stocks posting slight gains on Monday but they weren't seeing the same momentum after the president signed an executive order aimed at easing financial regulations.
"We usually have some sort of digestion of gains after hitting a millennial mark on the Dow," Stovall said. "We actually hit two millennial marks without going through a decline of 5% or more, so I think investors might be worried that we are in need of some sort of digestion of recent gains."
Trump's executive order that banned immigrants from seven majority-Muslim countries from entering the U.S. also continued making waves. A federal appeals court on Sunday denied the Trump administration's request to set aside a Seattle judge's ruling that put a hold on the ban nationwide.
Apple (AAPL - Get Report) , Alphabet's (GOOGL - Get Report) Google, Facebook (FB - Get Report) , Microsoft (MSFT - Get Report) , Netflix (NFLX - Get Report) , Twitter (TWTR - Get Report) and a number of other tech companies filed legal briefs on Sunday with a federal appellate court saying Trump's immigration ban damages their businesses. The briefing said the executive order leads to increased costs, makes the companies less competitive internationally, and hinders their ability to hire qualified talent. Apple shares were gaining over 1% on Monday.
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Tiffany (TIF - Get Report) shares fell 3.3% as the company announced that CEO Frederic Cumenal would resign immediately, less than two years after he assumed the position. Board Chairman and previous Tiffany CEO Michael J. Kowalski will serve as interim CEO. The company also maintained its annual financial forecasts.
"The Board is committed to our current core business strategies, but has been disappointed by recent financial results," Kowalski said in a statement. "The Board believes that accelerating execution of those strategies is necessary to compete more effectively in today's global luxury market and improve performance."
Toyota (TM - Get Report) shares dropped 1.5% after the company reported a sharp drop in quarterly profit because of a stronger yen. It did, however, increase its guidance for the year and said to boost earnings it would focus on production of trucks and sport-utility vehicles.
Toymaker Hasbro (HAS - Get Report) jumped 13.6% after reporting fourth-quarter adjusted earnings of $1.64 a share, beating forecasts of $1.27. Revenue of $1.63 billion also topped Wall Street forecasts.