With investors looking ahead to trade talks between the U.S. and China, the market saw modest losses Monday.
The major stock indexes drifted between small gains and losses for much of the day, though smaller company stocks had their worst day since May. The losses erased some of the market's solid gains from last week, when the benchmark S&P 500 index closed at an all-time high.
The S&P 500 index slipped 5.11 points, or 0.2%, to 2,945.35. The Dow Jones Industrial Average rose 8.41 points, or less than 0.1%, to 26,727.54. The Nasdaq composite dropped 26.01 points, or 0.3%, to 8,005.70. Health care stocks accounted for a big share of the selling Monday, led by a slide in shares of pharmaceutical giant Bristol-Myers Squibb. The stock fell after the company said it would divest its blockbuster psoriasis treatment Otezla as part of a push to win regulatory approval for its $74 billion buyout of Celgene. Shares in Bristol-Myers were the biggest decliner in the S&P 500, losing 7.4%. Celgene dropped 5.4%.
Technology companies, consumer goods makers and materials stocks were among the gainers. Western Digital rose 2.5%, Tyson Foods added 1.9% and Newmont Goldcorp gained 2.5%.
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