S&P and Nasdaq end lower on California closures

California's move to significantly roll back its reopening plans and begin the school year in some of its biggest districts online helped undermine Monday's stock market rally. The morning's leaders - tech and cyclical stocks - turned laggards in the late afternoon.

The Dow surrendered a 500-plus-point rally to barely break even. At the closing bell, the S&P 500 had lost nearly 1%. The Nasdaq shed 2%.

Invesco chief global market strategist Kristina Hooper:

"What we've seen in terms of growth outperforming the more cyclical parts of the economy suggests that there is some concern and apprehension about the U.S.' inability to control the virus and ultimately its impact on the economy and earnings."

Still, there were some bright spots in Monday's trading. PepsiCo kicked off what's sure to be a tough earnings season on a bright note. The beverage and snacks maker's quarterly profit and revenue beat expectations as people staying at home stocked up on Tostitos, Doritos and other snacks. Shares gained a third of a percent.

And Pfizer was the S&P's second biggest gainer. Two of the coronavirus vaccines it's developing with its German partner, BioNTech, received "fast track" designation from U.S. regulators.