Stocks are pulling back from record highs today, led by selling across the Atlantic.
S&P 500 futures declined almost 0.3 percent. Germany is down 0.8 percent, with sharper drops in high-risk European countries like Italy and Spain after Greek leaders failed to elect a pro-reform president. Asia was mostly little changed, although Hong Kong rallied nearly 2 percent on reports China's central bank will ease lending rules.
The S&P 500 traded above 2090 for the first time ever on Friday, drifting higher in the quiet sessions around Christmas. Volumes will probably remain light this week with another holiday for New Year's on Thursday. The Russell 2000 and Dow Jones Industrial Average also inched to new peaks, while the Nasdaq-100 and transports remain below their late-November highs.
Recent data has suggested the consumer economy has finally recovered following the 2008 mortgage crisis. The big questions now facing investors is how much good news is already priced in, and whether interest rates will increase. Energy is another area to watch because, while its big drop since the summer helps consumers, it's also hurt industrial orders.
Oil drillers have been the strongest stocks in the last two weeks as they rebound following months of downside. Drugstores, semiconductors and utilities have also outperformed, according to our proprietary researchLAB market scanner.
In company-specific news, Manitowoc is up 11 percent after activist investor Carl Icahn disclosed taking a 7.8 percent stake in the company.
Oil rose more than 1 percent and the euro is attempting to climb from its lowest level in more than a year. That may suggest both are poised to rebound from major selloffs. Copper is fractionally higher, while gold and silver inched lower. The Australian dollar is also trying to rebound, which may help sentiment toward basic-metal stocks.
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