Wall Street drops on Monday as investors look to book their profits
- Tehcnology shares drop sharply to weigh on Nasdaq Composite.
- Rising crude oil prices help energy shares post daily gains.
- Chinese Vice Premier will reportedly come to Washington to sign phase-one deal.
Wall Street's main indexes opened flat on Monday but lost their traction as investors seem to be booking their profits ahead of the New Year break. As of writing, the Dow Jones Industrial Average was down 0.4% on the day while the S&P 500 and the Nasdaq Composite were erasing 0.47% and 0.71%, respectively.
Among the 11-major S&P 500 sectors, the Technology Index is down 1.3% on the day to lead the losers. On the other hand, the Energy Index is adding 0.3% to be the only major sector in the positive territory in the early trade.
Earlier in the day, the South China Morning Post reported that Chinese Vice Premier Liu He will travel to Washington on Saturday to sign the phase-one of the trade deal. Although this development provided a boost to the 10-year US Treasury bond yield, it failed to help stocks climb to fresh record highs.