Banks drag S&P, Dow lower; Netflix caps Nasdaq losses

Wall Street Will be Tested as Market Braces for Deluge of Earnings Reports

US stocks little changed at opening

USA stocks closed mixed on Monday as investors were awaiting a batch of earnings reports later this week.

Shares in both banks were down by about 0.5% in morning trade. (NYSE: HD) fell 1.1% and 0.9%, respectively.

Losses on the Nasdaq were limited by a 12 percent jump in Netflix to a record high, following the video streaming company's robust subscriber growth.

If stocks are able to extend their record highs will hinge partly on the results released this week with earnings reports. The Russell 2000, hit a new all-time intraday high, its first since June 9.

"The healthcare bill not coming through raises some continued concerns about the ability of Washington to push through favorable fiscal policies", said Lisa Kopp, head of traditional investments at US Bank Wealth Management.

The Dow Jones Industrial Average slid 8.02 (-0.04 percent) to finish at 21,629.72.

The Dow is down 63.01 points, or 0.3 percent.

The Standard & Poor's 500 index added 1.47 points, or 0.1 percent, to 2,460.61. The Nasdaq Composite closed at 6,314.43 for a gain of 1.97 points or 0.03%.

This follows a robust first quarter when United States companies posted their best earnings since 2011, according to Thomson Reuters I/B/E/S.

With no major data due out on Monday, market participants also kept an eye on the oil prices.

Financial giant Goldman Sachs, health care products maker Johnson & Johnson and health insurer UnitedHealth will report their second-quarter results early Tuesday.

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