U.S. stocks opened mostly lower on Monday after two weeks of gains, with investors waiting for the president's budget proposal. The Dow Jones Industrial Average fell 25 points to 12,247. The Standard & Poor's 500 Index dipped a point to 1,328. The Nasdaq Composite added 2 points to 2,811. The broader market is quiet, but the commodity space looks great. News that China is importing more than expected has the fertilizers trading up, the steels are perking up, Cliff Natural Resources is jumping 5% while Freeport is up 4%. Transocean is up 2% on an upgrade. In the tech space, plenty of upgrades. Micron, Broadcom, and Nvidia are all trading higher on upgrades. HP is lower even though it was upgraded. Nokia continues to plunge lower after announcing plans last week to create a joint venture with Microsoft. The financials are quiet this morning. GE is modestly higher after making an acquisition. After the first hour the Dow remained stuck in the red while the Nasdaq is modestly higher. Within the Dow only the commodities like Alcoa, Chevron, and Exxon look good. Walmart is lower on a downgrade. Through the morning not much changed. Commodities remain the best performing sector. In the afternoon the averages improved with the Dow down only single digits and the Nasdaq up single digits. The financials are in the green. The commodities look great. In the last hour all the major averages moved into the green, but didn't finish in the green. The Dow Jones Industrial Average ended down 5 points at 12,268, paced by a 1.4% drop in Walmart. The S&P 500 ended up 3 points at 1,332, led by the commodity space. The Nasdaq Composite gained 7 points to 2,817.
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