By Sue Chang and Anora Mahmudova, MarketWatch

Group of 100 tech CEOs set to fight Trump on immigration restrictions

Wall Street stocks traded modestly lower Monday as the main indexes pulled back amid mixed earnings.

The Dow Jones Industrial Average fell 29 points, or 0.2%, to 20.041 as gains in Apple Inc.(AAPL) were offset by losses in Verizon Communications Inc.(VZ) shares.

The S&P 500 shed 6 points, or 0.3%, to 2,290, with energy and telecommunications sectors leading the losses. The Nasdaq Composite slipped 12 points, or 0.2%, to 5,653.

"It is really quiet," said Michael Antonelli, equity sales trader at Robert W. Baird &Co. "On Friday we sat just shy of new all time highs and I think today is simple profit taking."

The Dow reclaimed the 20,000-mark at the end of last week after robust January nonfarm-payrolls figures and strong bank shares on news that the Trump administration would roll back Dodd-Frank regulations (

Read: Three bank stocks to benefit from weaker regulations under Trump (

"Today's trading resembles a pause after a rally, since there isn't big news that would drive the market either way," said Diane Jaffee, senior portfolio manager at TCW.

"But the odds of policy mistakes coming from the White House administration have risen," Jaffee said.

Over the past two weeks, investors have shown to be jittery after controversial policyannouncements, such as travel ban applying to people from seven predominantly Muslim countries.


Jaffee said that financial stocks, which have helped propel the Dow and the S&P 500 higher, could continue to benefit from the scaling back of the Dodd-Frank regulations.

"The big gains in financials are not overdone if you consider that they did nothing for months up until the election. They are still inexpensive compared to the market and have room to grow as their earnings increase," Jaffee said.

Read:President Trump looms large over stocks despite deluge of earnings (

There is no top-tier economic data scheduled for Monday. Philadelphia Fed President Patrick Harker will speak on "payment systems in the internet age" in San Diego at 4:30 p.m. Eastern Time.

Stock movers:Hasbro Inc.(HAS) shares surged 15% after reporting profit and sales above expectations ( Rival Mattel Inc. (MAT) was up 1.1%.

Shares of Tiffany & Co.(TIF) fell 2.4% after the high-end jewelry retailer said over the weekend that Chief Executive Frederic Cumenal stepped down, effective immediately, after 22 months in the role.

Shares of Tyson Foods(TSN) fell 3.5% after the company's better-than-expected earnings were overshadowed by news of subpoena by the Securities and Exchange Commission.

A group of nearly 100 major technology companies, including Apple Inc., Alphabet Inc.'sGoogle(GOOGL), Facebook Inc.(FB) and Microsoft Corp.(MSFT) are joining forces to fight Trump's immigration restrictions ( The companies filed a joint amicus brief in court, saying that Trump's order violates the Constitution.

On Friday, U.S. District Judge James Robart of Seattle granted a temporary ban on the controversial immigration order, and a federal appeals court on Sunday declined to quickly reinstate the ban (

Other markets: European stocks declined across the board, while in Asia , stocks closed mostly higher ( The dollar firmed and gold prices climbed, while oil prices ( slid. The yield on the 10-year Treasury note fell 5 basis points to 2.41%.

--Barbara Kollmeyer contributed to this report.

(END) Dow Jones Newswires

February 06, 2017 13:32 ET (18:32 GMT)

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