S & P 500, Nasdaq snap 4-day losing streak as tech stocks halt slide

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U.S. stocks closed mostly higher Monday, with the S & P 500 and the Nasdaq each snapping a four-day losing streak on the back of a recovery in technology shares.

The day's earnings were fairly broad-based, with eight of the 11 leading S & P 500 industry groups finishing in positive territory by utilities and real estate, while the Dow Jones Transportation Average rallied to a record.

How did the main benchmarks fare?

The S & P 500

SPX, + 0.19%

rose 5.45 points, gold 0.2%, to finish at 2,877.13 and the Nasdaq Composite Index

COMP + 0.27%

gained 21.62 points, or 0.3%, to 7.924.16. The Dow Jones Industrial Average

DJIA, -0.23%

fell 59.47 points, or 0.2%, to 25,857.07 but the Dow transports

DJT, + 1.82%

climbed 1.8% to 11,554.08.

Both the S & P and the Nasdaq are coming off four straight daily declines. Last week was the S & P's first negative, and it represented the biggest weekly percentage drop since June. The Nasdaq has been falling down.

What drove the market?

Recent market activity has been driven by U.S. and its major trading partners. President Donald Trump recently threatened China with the latest in a series of tariffs, which would impact an additional $ 267 billion in Chinese goods. This is already $ 200 billion in tariffs.

Read: Yardeni says winning the trade with China will trigger 'the mother of all meltups'

Investors are concerned that such measures, especially if they are affected by other countries, could have a negative impact on global economic growth.

Technology stocks have also driven the trading of late, with the sector-by-far the performer thus far this year-seeing steep last week. The group can be sensitive to trade issues. Over the weekend, Trump published a tweet urgingApple Inc.

AAPL, -1.34%

to shift production out of China to the US Apple said tariffs against China would impact a "wide range" of its products.

What were strategists saying?

"We're still near all-time highs despite last week's selloff, but the main priority for investors will be to take a look at what's all going on. There's more to come in this week – between tariffs, tech, all the moving data, no single thing can be pulled out of the factor moving markets, "said Mary Ryan, senior equity options strategist at E-Trade.

Ryan added that she was paying attention to the trade issue. "When it seems like [the tariffs] numbers are being thrown out at random, it makes it very difficult to make concrete calculations. When it comes to the tech sector, for example, how will it impact the retail investors? Certain prices? "

"Emerging markets have had a tough year. According to projections from the [Brookings Institution], an estimated 2.3 billion people will enter the middle class by 2030, 88% of which reside in Asia. Investors should continue to position portfolios to participate in the rapid growth of Asia's middle class over the long-term, "said Jason Pride, chief investment officer of private client for Glenmede, in a note.

See: These 7 countries are most at risk of a currency crisis: Nomura

Which stocks were in focus?

Shares in Apple fell 1.3% in the wake of Trump's comments but still up 29% for the year.

Tesla Inc. shares

TSLA, + 8.46%

rallied 8.5% after CEO Elon Musk announced a management shake-up late Friday. That move came after the car maker 's stock slumped in Friday' s Musk made to smoke marijuana during an interview.

Nike Inc.

NKE + 2.24%

shares rose by Colin Kaepernick. "Just Do It" campaign around the former NFL player Colin Kaepernick. Nike was also the best Dow performer of the day.

Science Applications International Corp.

SAIC, -9.14%

said it would buy Engility Holdings Inc.

EGL, -0.11%

in a stock deal valued at $ 2.5 billion, including the repayment of $ 900 million in debt. Shares of Science Applications sank 9.1% while Engility edged down 0.1%.

United Rentals Inc.

URI + 5.05%

said it would buy BlueLine Rental in a cash deal valued at $ 2.1 trillion. Shares of United rose 5.1%.

Snap Inc.

SNAP -1.91%

fell 1.9% after the company said its chief strategy officer would be the latest executive to leave the company.

Shares in Alibaba Group Holding Ltd.

Baba, -3.70%

slid 3.7% following news that tycoon Jack My plans to step down as executive chairman of the Chinese e-commerce giant in a year.

CBS Corp.'S stock

CBS, -1.53%

dropped 1.5% after The Moonves, the longtime chairman and CEO, resigned Sunday following new sexual misconduct allegations against him from six additional women.

Which economic reports were in focus?

Boston Federal Reserve President Eric Rosengren said, in an interview with MarketWatch, that he does not read much about the danger of a recession from the shape of the yield curve. He also said financial risks now are coming from smaller banks.

What were other markets doing?

Stocks in Asia fell after Trump's on Apple's production, which put some pressure on Asian tech stocks. European stocks ended modestly higher.

Oil futures

CLV8, -0.30%

reversed direction on the impact of the sanctions on Iran and the signs of a levy in China.

-Victor Reklaitis Contributed to this report

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