Stocks pullback from last week's rallies, close Monday lower

US stocks (^DJI, ^IXIC, ^GSPC) close Monday's trading session lower, seemingly taking a breather from last week's successive record highs. This is the final trading week in 2024's first quarter, a shortened week as markets close for Good Friday on March 29.

Yahoo Finance Senior Markets Reporter Jared Blikre highlights the day's sector action, while taking a closer look at shares of Reddit (RDDT) and Astera Labs (ALAB), as well as bitcoin's (BTC-USD) price recovery above $70,000.

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Editor's note: This article was written by Luke Carberry Mogan.

Video transcript

JOSH LIPTON: Let's see where the major averages ended it today. You can see the start of this shortened trading week here traders taking some bit of a breather, taking some chips off the table. You can see the Dow down about 4/10 of a percent, the NASDAQ down about 3/10 of a percent, the S&P 500 also down about 3/10 of a percent. You wonder whether maybe some caution could be creeping in a little bit here as well. You've got some big data on Deck PCE, that's not going to be happening.

We're going to get that on Friday that, of course, is the Fed's preferred inflation gauge. Jay Powell also scheduled to speak on Friday as well. Jared over to you for a closer look at today's sector action.

JAY POWELL: Well, thank you. I'll get to the sectors in a second. First, I want to go to the Wi-Fi interactive where I am tracking the share price of Reddit. This is only its third day of trading. It is up 30% today. So that is quite the impressive run. Also I should note that this is a first day of options trading in that issue. And you can see from the intraday price last Thursday it's up about 30%, so pretty impressive there. Also Astera Labs, this came to market last week. This is up 37%.

Let's see the total for today, that's up 21% for Monday alone. So two, not necessarily AI stocks but AI tangentially related stocks recently come to market and the IPO market has been very thin. And we're just waiting for it to come back here. But here's the sector action. As promised, we got energy in the forefront. That's up almost 1% today followed by utilities and materials, materials just barely in the green there.

And tech was the biggest loser. XLK down 68 basis points, also very similarly down is about industrials. And then you also get into real estate. But I just got to end here real quickly on the price of Bitcoin because Bitcoin up over $70,000 for the first time in about 10 days, Akiko.