Investing.com - Stocks trickled to a mostly unchanged close Monday as falling U.S. government bond yields kept recession fears alive, despite analysts delivering an upbeat outlook on global growth.
The S&P 500 lost 0.08%, the Dow Jones Industrial Average rose 0.06% and the Nasdaq Composite fell 0.07%.
U.S. government yields extended the rout from last week as risk sentiment continued to be a challenge even as analysts suggested recent moves lower in risk assets were overblown.
The outlook for risk assets remained “quite bright in an environment of gradually stronger global growth,” Goldman Sachs said.
The 3-Month and 10-Year Treasury yields spread turned negative last week, raising fears a recession may be on the horizon.
Apple (NASDAQ:AAPL) fell 1.2%, adding to the malaise in the broader market despite the tech giant unveiling a host of subscription services across multiple sectors, including gaming, news, payments and original content.
Apple unveiled details about its widely anticipated streaming TV service, Apple TV+, which will be ad-free and include the tech giant's original content as it seeks to complete with Netflix (NASDAQ:NFLX) and Amazon (NASDAQ:NASDAQ:AMZN). Apple TV+ will bundled with content from other providers including HBO, Showtime and CBS All Access and allow DirectTV and Hulu users to access channels through Apple TV app.
But the company did not release pricing for its streaming services, with an update expected in the fall.
But consumer discretionary stocks limited downside momentum, led by homebuilders on expectations that lower borrowing costs, thanks to recent slump in yields, will boost home buying activity with the key spring season near.
Lennar (NYSE:LEN) rose 3.5%, while DR Horton (NYSE:DHI) and PulteGroup (NYSE:PHM) were up more than 2%.
Industrials, meanwhile, also kept losses in check as Boeing (NYSE:BA) recouped some of its recent losses following the fallout from the 737 Max 8 jet crisis. The Federal Aviation Administration is reportedly close to approving a safety update from Boeing that could see its fleet of grounded 737 Max 8 jets back in the skies sooner rather than later, The Wall Street Journal reported Sunday.
On the political front, Attorney General William Barr's report of the special counsel probe into President Donald Trump concluded that Trump had not committed a crime, but did not exonerate him.
Top S&P 500 Gainers and Losers Today:
Viacom (NASDAQ:VIAB), Lennar (NYSE:LEN) and ConAgra Foods (NYSE:CAG) were among the top S&P 500 gainers for the session.
Fox (NASDAQ:FOXA), Abiomed (NASDAQ:ABMD) and Akamai Technologies (NASDAQ:AKAM) were among the worst S&P 500 performers of the session.