Stocks edge lower as Wall Street's momentum slows down

Street signs at the intersection of Wall and Broad Streets are shown in lower Manhattan, Wednesday, Oct. 13, 2021. Stocks are opening lower on Wall Street Monday, Oct. 18, 2021, as the market's momentum slows following its best week since July. (AP Photo/John Minchillo, File)

Stocks edged lower in morning trading on Wall Street Monday as the market’s momentum slows following its best week since July.

The S&P 500 fell 0.1% as of 10:15 a.m. Eastern. The Dow Jones Industrial Average fell 131 points, or 0.4%, to 35,163 and the Nasdaq rose 0.1%.

Technology and health care stocks were the biggest weights on the benchmark S&P 500. Medical device company Medtronic fell 4.6% and data storage company NetApp fell 3.5%.

Energy stocks gained ground as U.S. crude oil prices rose 0.8%. Prices have soared 70% so far this year. Occidental Petroleum rose 6.7%. A mix of retailers and other companies that rely on consumer spending also rose.

The yield on the 10-year Treasury rose to 1.59% from 1.57% late Friday.

The broader market has been choppy for weeks as investors try to figure out the economy's path ahead as COVID-19 remains a lingering threat, while businesses and consumers face rising inflation. The S&P 500 rose 1.8% last week for its best week since July, though it shed 2.2% just two weeks prior.

Investors are busy reviewing the latest round of corporate earnings for a better picture of how companies fared through the surge of virus cases last quarter and how many are dealing with rising inflation's impact on costs.

Health care giant Johnson & Johnson will report its latest results on Tuesday, as will streaming entertainment service Netflix. Investors will get a better sense of how airlines are recovering when several major carriers report results this week. United Airlines will report its latest results on Tuesday, with American Airlines and Southwest Airlines reporting their results on Thursday.

Investors also have several pieces of economic data to review this week. The Federal Reserve on Monday reported a surprisingly big drop in industrial production. Nearly half of the 1.3% drop was caused by the lingering effects of Hurricane Ida.

Wall Street will also get more information on the housing market's health this week with the Commerce Department's report on housing starts for September on Tuesday and the National Association of Realtors' report on sales of previously occupied homes in September on Thursday.