Investing.com - The S&P 500 closed lower on Monday as financials and energy slumped, offsetting gains in technology, while rising U.S.-China trade tensions also weighed on sentiment.
Falling financials, mostly banks, kept a lid on the broader averages, weighed down by a slump in shares of Citigroup (NYSE:C) and Morgan Stanley (NYSE:MS). Goldman Sachs (NYSE:GS) fell more than 2%, even as the bank revealed plans to grow its consumer finance business, Marcus, in a bid to boost revenue.
Halliburton (NYSE:HAL) and Polaris Industries (NYSE:PII) got the busiest week of the corporate earnings underway. Both delivered earnings that beat economists' forecast, extending a trend of upbeat earnings, but Halliburton shares sank on concerns of North American revenue.
Data from Factset showed 82% of the S&P 500 companies that have posted earnings have topped expectations.
The U.S.-China trade war, meanwhile, returned to focus, denting risk sentiment, as Chinese government leaders said they were not afraid of a trade war with the United States. This comes after a report from Axios, citing unnamed sources, suggesting that President Donald Trump wants Beijing to "suffer more."
Energy, meanwhile, also pressured the broader market, despite oil prices clawing back losses to end the day just above the flatline.
Losses in the broader market, however, were limited by a strong outing for tech underpinned by a rise in semiconductor stocks shrugging off a cautious note from Morgan Stanley.
"Sentiment in the group has become very negative as investor fears about a semi downturn grow," Morgan Stanley said in a sector report.
In corporate news, Facebook (NASDAQ:FB) is reportedly looking at acquiring a cybersecurity firm as it looks beef up the security on its social media platform, which recently suffered a cyberattack in which millions of user data were compromised. Its share rose 0.47%.
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