Stock Market Today: Stocks Fluctuate After Last Week's Selloff
NEW YORK (TheStreet) -- U.S. stock indices were mostly flat late Monday morning, failing to hold onto early gains as investors suspected that markets were long overdue for a correction.
The Dow Jones Industrial Average was down 0.12% to 16,472.95. The S&P 500 was flat at 1,926.19. The Nasdaq was trading sideways at 4,354.27.
Shares of Michael Kors
On average, a correction of 5% or more usually occurs every 71 days or 3.5 months. It's already been six months since the broader market last saw a 5+% correction, according to Sterne Agee data. The average magnitude of 5% or more corrections has been a pullback of 12.19% over a 41-trading day period. Carter Worth, chief market technician at Sterne Agee, said he's looking for an impending "garden variety" correction that will be very healthy for the market; the market has reached a point where the risk-reward ratio has become "asymmetrical," where the upside is limited and the downside is unknown and potentially outsized.
"The market has been excessively good the past 18 months," Worth explained. "Corrections will expunge complacency ... correct excess."
Read More: Stock Market Today: Another False Start to Long-Awaited Correction
Stocks to watch Monday also include Evercore Partners
Sixty-six S&P 500 companies are expected to report this week, including 11 consumer discretionary companies and 10 energy companies. This week's calendar will also highlight the Markit PMI services index for July, June factory orders and the ISM non-manufacturing survey for July on Tuesday, and second-quarter nonfarm business productivity figures on Friday.
-- By Andrea Tse in New York