Investing.com -- Stocks on the U.S. equities markets on Monday, as a minor sell-off late in the session reversed earlier gains.
With a wave of quarterly earnings in the financial sector on the forefront, the Dow Jones Industrial Average moved above the 18,000 level early in the session, before settling at 17,977.04, down 80.61 or 0.45%. The S&P 500 Composite index also closed lower to end a three-day winning streak, while the NASDAQ Composite index approached an all-time record high before closing just below the 5,000 level. Minor losses in Apple Inc. (NASDAQ:AAPL) amid the pre-sale of the iWatch, pushed the NASDAQ down 7.73 or 0.15% to 4,988.25.
The S&P 500 fell 9.63 or 0.46% to 2,092.43, as stocks in the Energy, Utilities and Industrials sectors lagged. Stocks in the Financial sector led, as it finished the session as the only industry in the green. Financials ticked up on Monday, as a host of prominent large-cap banks such as JPMorgan Chase & Co (NYSE:JPM), Wells Fargo & Company (NYSE:WFC), Bank of America Corporation (NYSE:BAC), Goldman Sachs Group Inc (NYSE:GS) and Citigroup Inc (NYSE:C) prepare to announce first quarter earnings later this week.
JP Morgan, which will release its earnings along with Wells Fargo on Tuesday, ended the session as the top performer on the Dow after gaining 0.37 or 0.60% to close at 62.07. A strong performance by the bank on Tuesday could defy a recent trend on the past earning days over the past several years. Since January, 2010, shares in JP Morgan have declined by 0.3% on the day it releases quarterly earnings, according to a report from Analytics firm Kensho.
JP Morgan finished just ahead of UnitedHealth Group Incorporated (NYSE:UNH), which rose 0.37 or 0.31% to 119.37 after receiving an upgrade. The worst performer on the Dow was General Electric Company (NYSE:GE), which ticked down 0.88 or 3.09% to 27.63, after reaching a 52-week high on Friday when the multinational conglomerate announced plans to divest the majority of its capital arm.
On the NASDAQ, the top performer was Netflix Inc. (NASDAQ:NFLX), after the online streaming media provider hinted that it could increase its share authorization by up to 30 times the current level, in a move that would represent its first step to a potential stock split. Netflix rose 20.11 or 4.42% to 474.68. Sears Holdings Corporation (NASDAQ:SHLD), meanwhile, gained 0.31 or 0.72% to 43.24, after it announced the formation of a joint venture with Simon Property Group Inc (NYSE:SPG) in a deal valued at more than $300 million. Sears will reportedly lease back 10 of its real estate properties valued at $228 million to the venture. Simon Property Group, one of the nation's largest malls, fell 0.94 or 0.49% to 190.33.
The worst performer was Symantec Corporation (NASDAQ:SYMC), after Dow Jones reported that the securities software company is considering selling its Veritas Software division. Though Symantec fell 1.45 or 5.65% to 24.14, shares in the California-based company are still up roughly 20% on the year.
Netflix was also the biggest gainer on the S&P 500, ahead of Emerson Electric Company (NYSE:EMR) which rose 1.55 or 2.73% to 58.40. Symantec was also the worst performer on the S&P 500, below Tesoro Corporation (NYSE:TSO), which fell 3.86 or 4.49% to 82.12.