U.S. stocks capped a day of choppy trading with an uneven finish Monday as investors wrestled to make sense of newly pessimistic outlooks for the global economy.
Traders also weighed another troubling drop in long-term bond yields, which many see as a warning sign of a possible recession.
The S&P 500 dropped 2.35 points, or 0.1 percent, to 2,798.36.
The Dow Jones industrial average rose 14.51 points, or 0.1 percent, to 25,516.83. It was down as much as 130 and up as much as 100 earlier in the day.
The Nasdaq composite lost 5.13 points, or 0.1 percent, to 7,637.54. The Russell 2000 index of smaller-company stocks picked up 6.94 points, or 0.5 percent, to 1,512.86.
Major European stock indexes finished lower as uncertainty over the United Kingdom's exit from the European Union continued.
Large-company stocks ended broadly lower, led by drops in big technology companies. Apple fell 1.2 percent after announcing several new services including streaming video and news. Small-company stocks fared better.
"Today's moves are very reflective of very different interpretations of the environment and risks ahead," said Luke Tilley, chief economist at Wilmington Trust. "Different investors and different investment shops are interpreting the data very differently."
Stocks spent much of the morning wavering between gains and losses as investors weighed another downbeat outlook on the economy.
Citing a global slowdown and trade conflicts, economists from the National Association for Business Economics predicted that growth will reach a modest 2.4 percent this year and just 2 percent in 2020.
The market's recent skid follows what has been a strong start to the year on Wall Street as stocks rebounded from a steep slide at the end of 2018. The bull market for U.S. stocks recently marked its 10th anniversary and is now the longest of all time.
Monday's shaky start to the week came amid a lull in news on the tariffs war between the United States and China. Trade talks are due to resume Thursday in Beijing.
U.S. stock indexes did not appear to have a significant move either way in response to news that the special counsel's investigation into Russian meddling in the 2016 presidential election concluded without finding evidence that President Donald Trump's campaign conspired or coordinated with Russia.
Attorney General William Barr issued a summary of the report Sunday, in which special counsel Robert Mueller did not find evidence that Trump's campaign conspired or coordinated with Russia to influence the election. Mueller also reached no conclusion on whether Trump obstructed justice.
Still, the end of the Russia probe alleviates some reasons for concern in the market, said Tom Martin, senior portfolio manager with Globalt Investments.
Losses in technology and financial companies outweighed gains in consumer discretionary and industrial stocks Monday.
Chipmaker Micron Technology dropped 2.6 percent, while Synchrony Financial slid 1.4 percent. Homebuilder Lennar climbed 3.6 percent to lead the consumer discretionary sector, while retailer L Brands picked up 2.6 percent.
Apple's splashy announcement of new offerings, including a subscription TV service due to launch in the fall, failed to impress investors. The stock slid 1.2 percent after the consumer electronics giant disclosed details of its forthcoming Apple TV Plus and other services, including subscriptions for games and news.
Business on 03/26/2019