US STOCKS-Wall St recedes from record, cyclicals fall

lunes 7 de julio de 2014 10:15 GYT
 

* Focus turns to upcoming earnings season

* Defensive sectors outperform on the day

* VIX pops but remains at low levels

* Dow down 0.4 pct, S&P and Nasdaq down 0.3 pct (Updates to open)

By Ryan Vlastelica

NEW YORK, July 7 (Reuters) - U.S. stocks fell on Monday, pulling back from record levels as investors held off from making big plays ahead of the start of earnings season.

Cyclical stocks, which are tied to the pace of economic growth, were among the weakest of the day. Industrial shares fell 0.6 percent while the only sectors in positive territory were defensive groups like utilities and telecom.

Wall Street hit a number of milestones on Thursday, the final trading session before the Independence Day holiday, with both the S&P 500 and the Dow ending at records and the Dow topping 17,000 for the first time on the back of a strong jobs report.

While the market's uptrend is still viewed as intact, trading may be light with few major catalysts on deck. Action may pick up later this week with the release of results from Alcoa Inc and Wells Fargo & Co.   Continuación...