- Stocks retreated from all-time highs, as investors reassessed Thursday’s stronger than expected jobs report and await Q2 earnings reports that start trickling in this week.
- Only defensive sectors such as utilities, telecoms and consumer staples finished with modest gains, while the Nasdaq (-0.7%) and Russell 2000 (-1.7%) lagged far behind, hurt down by losses in biotech and Internet companies.
- Participation again was low, with fewer than 600M shares changing hands at the NYSE, but participants showed some increased demand for volatility protection, which sent the VIX from seven-year lows into the middle of its range from June.
- Treasurys rebounded from overnight losses, with the benchmark 10-year note adding five ticks to send its yield lower by two basis points to 2.61%.
Stocks pull back from last week's record highs
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