A fresh week brought little to liven up the stock market, with the major averages drifting through a fourth-straight losing session. The action came in the bond market, where U.S. bond yields climbed to recent highs with the 10-year note testing the 2.9% mark.
Nearing the close the S&P 500 was off 7 points, 0.4%, at 1,649. The Dow Jones industrial average lost 50 points, 0.3%, to 15,031 and the Nasdaq fell 7 points, 0.2%, to 3,596. In thin volumes typical of the dog days of August, few names stood out as the market sagged to session lows during afternoon trading.
Housing and real estate-related stocks were softer, including builders. That came despite an upgrade of PulteGroup PHM -3.87% from Wells Fargo WFC -0.61%, where analysts said the company is better positioned than rivals to deal with higher mortgage rates. Pulte fell 4.2% and Toll Brothers TOL -3.4%, an upscale builder due to report its latest quarterly results Wednesday, was also trading sharply lower.
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