File: A stockbroker watches the latest share prices during a trading session.NEW YORK - Major stock markets pulled back from record levels on Monday while focus was firmly on the game of football as Europe's wealthiest clubs seek to form a breakaway Super League.
"The financial incentive for the clubs is plain to see, with a multi-billion dollar package at the heart of the scheme, albeit it would forever break the integrity of the club game," said Neil Wilson, chief market analyst at Markets.com. "A quieter start to the week has seen stock markets drift back on a lack of news, with only the goings-on in European football providing some interest," said Chris Beauchamp, chief market analyst at online trading platform IG.Wall Street's main indices closed lower on profit taking, with the Dow off 0.4 percent and S&P down 0.5 percent after both set new peaks on Friday and posted their fourth consecutive weekly gains.
"Each time the market goes high, it steps back and marches on to new highs. That is a sign of the market basically correcting itself a little bit, pulling back on intraday basis," Peter Cardillo of Spartan Capital Securities told AFP.