DJIA: 32,223.42, up 26.76
S&P 500: 4,008.01, down 15.88
Nasdaq: 11,662.79, down 142.21
Stocks mixed on growth worries; yields dip

U.S. stocks finished mixed on Monday as Wall Street grappled with economic growth concerns. The major averages wavered ahead of tomorrow’s update on retail sales, along with remarks from Federal Reserve (Fed) Chair Jerome Powell. Some high-profile retail earnings will also be in focus. The S&P 500 dipped 0.4% on the heels of its longest weekly losing streak since June 2011. The Nasdaq Composite retreated 1.2%, having dropped more than 27% from its November 19 peak. The Dow added 26 points following a seventh consecutive weekly drawdown–its worst stretch since 2001. Treasuries caught a bid, with the yield on the 10-year note down six basis points (0.06%) to 2.88%.

In commodities, West Texas Intermediate crude climbed 3.3% to $114.09/barrel despite disappointing data out of China. Both industrial production and consumer spending in the world’s second largest economy fell to the lowest levels since the start of the pandemic amid ongoing COVID-19 lockdowns. Domestically, the New York Fed empire manufacturing survey unexpectedly contracted for the second time in three months.

Seven of 11 S&P 500 sectors closed in negative territory, with Consumer Discretionary shares losing the most. Energy outperformed, while the more traditionally defensive groups also bucked the downtrend. In corporate news, Twitter Inc. shed 8.2% on worries Elon Musk may not complete his takeover deal of the social media company. Elsewhere, Eli Lilly and Co. gained 2.7% after its Type 2 diabetes drug was granted approval by the FDA (Food and Drug Administration). In M&A news, Spirit Airlines Inc. rallied 13.5% after JetBlue Airways Corp. announced a tender offer to purchase its competitor for $30 per share.

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