04:32 PM EDT, 10/21/2024 (MT Newswires) -- The Dow Jones Industrial Average and the S&P 500 retreated from Friday's record-high closings on Monday as markets awaited the latest financial results from major companies due later in the week.

The Dow fell 0.8% to 42,931.6, while the S&P 500 dropped 0.2% to 5,854. The Nasdaq Composite rose 0.3% to 18,540. Barring technology, all sectors closed lower, led by real estate.

Tesla (TSLA), Boeing ( BA ) , Coca-Cola (KO), T-Mobile US ( TMUS ) , IBM ( IBM ) , GE Aerospace (GE), Philip Morris International ( PM ) , Verizon Communications ( VZ ) , AT&T ( T ) , Lockheed Martin ( LMT ) , United Parcel Service ( UPS ) and Southwest Airlines ( LUV ) are among the major companies expected to report their latest quarterly results later this week.

In company news, Microchip Technology ( MCHP ) shares fell 2.8%, among the steepest decliners on the Nasdaq, as Susquehanna adjusted its price target on the stock to $95 from $105.

Boeing ( BA ) was the top gainer on the Dow and among the best on the S&P 500, up 3.1%. The plane maker reached a new tentative labor deal with the International Association of Machinists and Aerospace Workers union to end a strike, Boeing ( BA ) and the union said Saturday.

Kenvue ( KVUE ) shares rose 5.5% Monday, the best performer on the S&P 500. Hedge fund Starboard Value has acquired a stake in the company, media outlets reported Sunday, citing unnamed sources.

The US 10-year yield jumped 11.9 basis points to 4.19% Monday, while the two-year rate rose 7.2 basis points to 4.03%.

The Federal Reserve should "gradually" reduce its benchmark lending rate to help manage risks to inflation and the labor market if the economy evolves as projected, Dallas Fed President Lorie Logan said.

Although the economy is strong and stable, the macro outlook continues to face "meaningful" uncertainties, Logan said. Downside risks to the labor market have grown, while inflation poses "diminished but still real upside" risks, she added.

West Texas Intermediate crude oil increased 1.6% to $70.36 a barrel. "Oil prices were up, following a more than 7% drop last week on worries about demand in China, and an easing of concerns about potential supply disruptions in the Middle East," D.A. Davidson said in a note to clients.

Losses from hurricanes Helene and Milton could amount to $80 billion and trim roughly 0.28% off US gross domestic product over the next two quarters, Wells Fargo Investment Institute said.

Gold gained 0.2% to $2,734.30 per troy ounce, while silver jumped 2.4% to $34.02 per ounce.