North American stocks were down in midday trading on Monday, putting the lengthy winning streak for U.S. stocks at risk again.
At noon, the Dow Jones industrial average was down 87 points, or 0.7 per cent, to 13,121. The broader S&P 500 was down 7 points, or 0.5 per cent, to 1398. In Canada, the S&P/TSX composite index was down 73 points, or 0.6 per cent, to 11,818.
Although the S&P 500 has been down in midday trading a few times in recent trading, it has managed to preserve its winning streak each time. As of Friday, the index had risen for six consecutive sessions, marking its longest rally since the end of 2010.
North American declines were broad, but commodity producers were among the biggest laggards. Within the S&P 500, materials fell 1.3 per cent and energy stocks fell 0.9 per cent. Within Canada’s benchmark index, materials fell 1 per cent and energy stocks fell 0.6 per cent.
Commodity prices were down only slightly though. The Reuters/Jefferies CRB index fell 0.6 per cent. Crude oil fell to $92.65 (U.S.) a barrel, down 22 cents. Gold fell to $1,618 an ounce, down $2.
There was no major economic news from the United States. However, Japan’s economy slowed to an annualized rate of 1.4 per cent in the second quarter, well below expectations for growth of 2.5 per cent.