Stocks pull back from last week's record highs

|By:, SA News Editor

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%.