Large-Cap Stocks Mostly Lower on Monday, Tech Stocks Gain

Large-Cap Stocks Mostly Lower on Monday, Tech Stocks Gain

"The big multinational, industrial companies of the world are all taking a hit on the concern that they will be the targets of reprisal sanctions", said Robert Phipps, a director at Per Stirling Capital Management in Austin.

Retailers including Amazon and Starbucks also made headway.

ASIA'S DAY: The Shanghai Composite Index rose 0.6 percent to 3,326.70 and Tokyo's Nikkei 225 added 1.6 percent to 21,824.03.

The Dow Jones industrial average skidded 157.13 points, or 0.6 per cent, to 25,178.61.

US stocks turned lower Monday, weighed down by declines in industrial and energy shares.

ENERGY: Benchmark U.S. crude lost 61 cents to $61.44 per barrel in electronic trading on the New York Mercantile Exchange while Brent crude, used to price global oils, shed 56 cents to $64.93 per barrel.

In the bond market, U.S. Treasury prices edged higher, pushing yields lower; the benchmark 10-year yield slipped 2 bps to 2.87% as a $21B 10-year note auction drew a high yield of 2.889% on a bid-to-cover of 2.50, slightly above the average of the prior 12 auctions.

LONDON: Britain's top share index lagged other European markets on Monday due to weak energy stocks and dollar earners, with GKN also falling after it rejected a final offer from Melrose. Hong Kong's Hang Seng jumped 1.9 percent to 31,585.00 and Sydney's S&P-ASX 200 gained 0.6 percent to 5,996.10.

Shares of Broadcom jumped 3.2 per cent after a Wall Street Journal report that Intel is considering bidding for the chip company, which has undertaken a hostile campaign to buy Qualcomm.

In early trading, Germany's DAX rose 0.8 percent to 12,446.46 and France's CAC 40 added 0.4 percent to 5,297.83.

The advances followed a near two per cent gain for the main indexes on Friday after data showed sluggish wage growth in February, easing concerns about the Federal Reserve moving too fast on interest rate hikes. Shares in Reckitt Benckiser and tobacco makers British American Tobacco and Imperial Brands fell between 0.4 per cent and 1.9 per cent.

Johnson Controls was up 1.6 percent after saying it would consider selling a business that makes batteries for vehicles. Rapid gains in technology stocks have already powered the Nasdaq back to its record levels. London's FTSE 100 fell 0.1 percent to 7,208.

The Dow Jones industrial average rose 71 points, or 0.3 percent, to 25,410.

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