Stocks are lower but little changed after an early rally briefly pushed the Dow to an intra-day record high.
Near 10:11 a.m. ET, the Dow was down 12 points, the S&P 500 was down 1 point, and the Nasdaq was up less than a point.
Earlier on Monday, the Dow climbed to 18,289.54 points, passing its previous record of 18,288.63.
The pullback in stocks happened after 10:00 a.m., when data showed that homebuilder sentiment missed economists’ expectations in May.
The National Association of Homebuilders’ index came in at 54, below expectations for 57, and after a prior reading of 56.
The association noted that the index is still above the 50-point benchmark despite the drop.
The big news to start the week was a $US2 billion merger between Ascena Retail Group and Ann Taylor.
Ascena is acquiring Ann Taylor for $US47 per share in cash and stock, a 21% premium from Ann Taylor’s closing price on Friday.
Ann Taylor was up by as much as 20% in early trading; Ascena rose by around 2%.