U.S. equity markets pulled back from record highs Monday as another week of trading kicked off on Wall Street.
The Dow Jones Industrial Average was lower by 66 points, or 0.19%, while the S&P 500 and the Nasdaq Composite were weaker by 0.19% and 0.48%, respectively.
Both the Dow and the S&P finished at record highs on Friday as the major averages booked their fourth straight week of gains. The Nasdaq ended last week 0.4% below its own all-time peak.
In stocks, GameStop Corp. CEO George Sherman will step down on or before July 31, upon the naming of a successor.
Ticker Security Last Change Change % GME GAMESTOP 165.24 +10.75 +6.96%
Elsewhere, Coinbase Global Inc. Chief Executive Brian Anderson sold $291.8 million of stock following the company’s debut on the Nasdaq last week.
Ticker Security Last Change Change % COIN COINBASE GLOBAL 332.74 -9.27 -2.71%
Meanwhile, Tesla Inc. shares were in focus after a weekend crash of a Model S vehicle that was on autopilot killed two people and caused a fire that raged for four hours.
Ticker Security Last Change Change % TSLA TESLA, INC. 709.23 -30.55 -4.13%
Peloton Interactive Inc. was under pressure after regulators warned of safety risks related to the company's treadmills following dozens of incidents that resulted in injuries. Peloton said its treadmills are safe if consumers follow their safety instructions.
Ticker Security Last Change Change % PTON PELOTON INTERACTIVE, INC. 107.74 -8.47 -7.29%
In deals, office furniture maker Herman Miller Inc. agreed to buy furniture and accessories company Knoll Inc. for $1.8 billion in cash and stock. The deal will pay Knoll shareholders the equivalent of $25.06 per share, a 45% premium to Friday's closing price.
In earnings, Harley-Davidson Inc. said sales of motorcycles and related products rose 12% from a year ago to $1.23 billion amid increasing demand for touring motorcycles. As a result, the company lifted its full-year sales forecast.
Coca-Cola Co. reported earnings and revenue that exceeded analysts’ estimates and said volume returned to March 2020 levels.
In commodities, West Texas Intermediate crude oil was unchanged at $63.13 per barrel and gold slid $8.60 to $1,771.60 an ounce.
Overseas markets were mixed.
In Europe, Germany’s DAX 30 slipped 0.19% and Britain’s FTSE 100 fell 0.16% while France’s CAC 40 gained 0.37%.
Asian markets were higher across the board with Japan’s Nikkei 225 ticking up 0.01%, Hong Kong’s Hang Seng index rising 0.47% and China’s Shanghai Composite index advancing 1.49%.