NEW YORK - The S&P 500 and Nasdaq ended lower on Monday , pulled down by Amazon, Microsoft and other recent big-name leaders of Wall Street's recent rally.
"The rally's been driven by a handful of names. You've had headlines about Covid and layoffs and the economy. It's finally caught up with these names everybody's been hiding in," said Michael O'Rourke, chief market strategist at JonesTrading in Stamford, Connecticut. Merger news also perked up investors as chipmaker Analog Devices Inc announced a $21 billion deal to buy rival Maxim Integrated Products Inc, sending its stock 8% higher. Analog shares fell 5.8%.
Investors are bracing for what could be the sharpest drop in quarterly earnings for S&P 500 firms since the financial crisis, according to IBES Refinitiv data. Results from big banks will be in focus this week.
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