U.S. stocks closed lower Monday after the S&P 500, Dow industrials and Nasdaq Composite waffled between small gains and losses throughout the session until ultimately succumbing to selling pressure.
Declines in communication services SP500.50, -2.24%, down 2.2%, and information technology SP500.45, -0.66%, off 0.7%, led the session’s declines, while energy SP500.10, +1.31%, up 1.3%, led gainers, extending what has been a stellar run for oil and gas producers, up 26% so far in 2022. In corporate news, shares of Peloton Interactive Inc. PTON, +20.93% finished the session up 21% amid speculation about suitors for the exercise-equipment company.
Meanwhile, Spirit Airlines SAVE, +17.17% rose over 17% on Monday after it said it was merging with Frontier Group ULCC, +3.47%.