[NEW YORK] Wall Street stocks mostly fell on Monday as investors assessed warnings from large banks over losses connected to US fund Archegos Capital Management, while continuing to shift away from tech names.
Top global banks Nomura of Japan and Switzerland's Credit Suisse warned they could face significant losses following reports of their exposure to a US fund that liquidated billions in stocks last week.
Potential spillover effects connected to the embattled Archegos rattled investors, analysts said, leaving two of the three major indices lower and large banks such JPMorgan Chase and Morgan Stanley in retreat.
The Dow Jones Industrial Average climbed 0.3 per cent to 31,171.37, a fresh all-time record.
But the S&P 500 dipped 0.1 per cent to 3,971.09, while the tech-rich Nasdaq Composite Index dropped 0.6 per cent to 13,059.65.
Art Hogan, chief market strategist at National Securities, called Monday's trend a "continuation of a reallocation" away from tech names and towards companies likely to benefit from a recovering economy.
Mr Hogan said investors are also in a "tug of war" over conflicting news about the coronavirus.
A new study conducted by the Centres for Disease Control and Prevention pointed to strong efficacy of the Pfizer and Moderna Covid vaccines as the US vaccination campaign accelerates.
But the study's release came as CDC director Rochelle Walensky described a "recurring feeling I have of impending doom" at data showing an uptick in new cases.
"Please hold on for a little while longer," Ms Walensky said, calling on elected leaders and people who are influential in their communities to drive home the message.
Among individual equities, Boeing shot up 2.3 per cent after announcing a large 737 MAX order with Southwest Airlines in a vote of confidence for the aircraft after a 20-month grounding. Southwest shed 0.5 per cent.