It was another record-making day for the Dow Jones Industrial Average in what has become a daily occurrence so far this month.
The Dow was up 0.12%, securing a new record close of 22,118 on Monday, Aug. 7. Any gain would have pushed the blue-chip index to records. The Dow has now closed the past nine sessions at all-time closing highs.
The S&P 500 also ended at a record of 2,480, smashing the last all-time high seen on July 26 with gains of just 0.16%. The Nasdaq fell short of its own records, though, even after climbing 0.51%.
The Dow has managed to clinch new records day after day with mostly just modest gains. Strength in earnings from the likes of Apple Inc. (AAPL) , Boeing Co. (BA) and Caterpillar Inc. (CAT) has propelled the benchmark index higher.
Monday's gains marked the 35th time the Dow has ended at a records so far in 2017, a streak not seen since the 38 record closes in 2014. The index's nine-day record streak is its longest of the year. August looks like another month in the green for the Dow, its fifth monthly gain in a row and its ninth in the past 12 months.
Tyson Foods Inc. (TSN) led gains in the consumer-staples sector. The meat company rose 5% on Monday after topping third-quarter estimates and guiding for an in-line full year. Adjusted earnings of $1.28 a share exceeded consensus of $1.19, while revenue of $9.85 billion exceeded targets of $9.46 billion. Tyson saw strength in its beef and pork segments. For the full year, the company anticipates full-year adjusted profit of $4.95 to $5.05 a share, wrapping estimates of $5.01.
Other animal-processing and prepared-foods companies rose, including Hormel Foods Corp. (HRL) , Sanderson Farms Inc. (SAFM) and Pilgrim's Pride Corp. (PPC) . Other consumer staples stocks were also on the rise, such as Dow components Walmart Stores Inc. (WMT) and Procter & Gamble Co. (PG) . The Consumer Staples Select Sector SPDR ETF (XLP) increased 0.75%.
United Technologies Corp. (UTX) declined more than 2%, the biggest weight on the Dow, on reports it is contemplating making a play for Rockwell Collins Inc. (COL) . United Technologies has a market cap of about $97 billion, while Rockwell has a cap of just over $19 billion. United Tech would not comment on the reports.
Oil prices closed lower on Monday as worries spiked over the outcome of a meeting among some of the world's largest oil producers. The Organization of the Petroleum Exporting Countries is meeting in Abu Dhabi to discuss the effectiveness of their commitment to output cuts to rebalance oil markets.
There has been concern over some OPEC members' compliance with the agreed-upon cuts. Compliance declined in July to 86%, a six-month low. Meanwhile, production at Libya's largest oil field, its Sharara field, is on track to return to normal levels after a brief disruption, according to the National Oil Corp.
West Texas Intermediate crude oil was down 0.4% to $49.39 a barrel on Monday.
The energy sector was the worst performer on Monday. Exxon Mobil Corp. (XOM) , Total SA (TOT) , China Petroleum & Chemical Corp (SNP) and Schlumberger Ltd. (SLB) were all lower, while the Energy Select Sector SPDR ETF (XLE) declined by 0.76%.
Elsewhere in market news, St. Louis Federal Reserve President James Bullard said in comments at a Nashville, Tenn., event that the current federal funds rate of 1% to 1.25% is appropriate over the "near term." Bullard also said that softer inflation trends meant there's no rush to raise rates.
Fedspeak comes back into the spotlight this week, with investors eager for further clues as to when the central bank could begin unwinding its balance sheet. The Fed currently holds $4.5 trillion in Treasuries and mortgage-related bonds on its balance sheet. Unloading those would likely tighten monetary conditions in the same way an interest-rate hike would. Economists largely expect the process to begin in September.
Late Friday, Berkshire Hathaway Inc. (BRK.A) , (BRK.B) reported that second-quarter profits slid 15% as the second-straight quarter of insurance-underwriting losses overpowered gains at two of billionaire CEO Warren Buffett's biggest acquisitions: Burlington Northern railroad and aerospace supplier Precision Castparts. Earnings of $2,592 per Berkshire A share in the second quarter came in below analysts' forecasts.
The underwriting portion of Berkshire's insurance business posted a loss of $22 million, narrower than the $267 million in the first three months of 2017 but a sharp reversal from the profit a year earlier. The dour performance was driven by a $400 million loss in Berkshire Hathaway Reinsurance Group, which provides coverage for insurers worldwide and received unexpected claims related to hurricanes and earthquakes in 2016.
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Meanwhile, Horizon Pharma PLC (HZNP) reported a positive second quarter. The drugmaker reported a net loss of $1.29 a share compared with profit of 9 cents a share a year earlier. However, adjusted earnings of 41 cents a share soared past estimates of 10 cents. Revenue of $289.5 million topped estimates of $237 million. Horizon upped its full-year sales guidance to $1.01 billion to $1.045 billion, higher than previous estimates of $985 million to $1.02 billion.
NxStage Medical Inc. (NXTM) roared higher after Fresenius Medical Care AG agreed to buy the company for around $2 billion. NxStage's board has approved the $30-a-share deal, but it still needs the approval of NxStage shareholders and to pass regulatory muster.
Mylan NV (MYL) fell even after announcing that the U.S. Food and Drug Administration had given tentative approval to its HIV/AIDS treatment for those in developing countries. The first-line treatment comes in the form of a tablet patients take daily.
BlackBerry Ltd. (BBRY) declined more than 3% on Monday after Goldman Sachs resumed coverage with a sell rating and $8.50 price target. Analyst Gabriela Borges is cautious in her outlook for auto-business revenue and anticipates BlackBerry's auto-related software to not "ramp meaningfully until 2019."
Netflix Inc. (NFLX) announced that it had bought comic-book publisher Millarworld, the first acquisition in the entertainment giant's history. Millarworld is the company behind popular titles including "Kick-Ass" and "Kingsman." Netflix did not detail the costs of the deal.
Marriott International Inc. (MAR) was slightly higher after partnering with Alibaba Group Holding Ltd. (BABA) to tap into the growing Chinese travel market. The joint venture will let Chinese travelers book rooms at the hotel company's 6,200 worldwide properties through Alibaba's travel service website and app.
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