NEW YORK: Declines in chipmaker shares weighed on stocks across the globe on Monday, while U.S. energy shares fell as crude dropped and the dollar slipped against the yen. A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 28, 2016. REUTERS/Andrew Kelly
U.S. chipmaker stocks .SOX fell 1.3 percent after closing at a record high on Friday. A Morgan Stanley note on global technology downgraded Samsung and Taiwan Semiconductor and argued it is time for a pause for chipmakers, which have seen stellar performance this year.
Tech stocks in Europe .SX8P fell 0.7 percent.
“The (stock) market is looking at the rest of the world and seeing it’s a little bit soft, while the early read on holiday sales has been pretty good,” said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.
The Dow Jones Industrial Average .DJI rose 22.79 points, or 0.1 percent, to 23,580.78, the S&P 500 .SPX lost 1 point, or 0.04 percent, to 2,601.42 and the Nasdaq Composite .IXI dropped 10.64 points, or 0.15 percent, to 6,878.52.
Emerging market stocks lost 0.86 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 0.85 percent lower.
Energy stocks fell the most on the S&P 500 .SPNY, down 1.0 percent. The slide tracked a 1.9 percent decline in U.S. crude CLc1 to $57.83 per barrel while Brent LCOcv1 was last at $63.73, down 0.2 percent on the day.
Prospects of higher U.S. supply from a planned restart of the Keystone crude pipeline and uncertainty about Russia’s resolve to join in extending output cuts ahead of this week’s OPEC meeting weighed on oil prices.
