One of the session’s biggest losers was medtech firm Next Science, which saw its stock plunge more than 30 per cent after revealing its cash flow slumped 21 per cent in the latest quarter, leaving it with just $US1 million in cash on hand at the end of last month. However, the company said it expects things to improve, predicting it would be cash flow positive by the end of March.

In the US overnight, the S&P 500 slipped 0.2 per cent, coming off a sixth straight winning week, its longest such streak of the year. The Dow Jones dropped 344 points, or 0.8 per cent, from its own record that was likewise set on Friday, while the Nasdaq composite rose 0.3 per cent.

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Trading was mixed in markets around the world. Crude oil prices rose to regain some of last week’s sharp losses, while US Treasury yields climbed and stock indexes mostly fell in Europe after finishing mixed in Asia.

The declines mean at least a pause in Wall Street’s rally to records, which was built in large part on optimism that the US economy can make a perfect escape from the worst inflation in generations, one that ends without a painful recession that many investors had worried could be inevitable. With the Federal Reserve now cutting interest rates to keep the economy humming, the expectation among optimists is that stocks can rise even further.

Tesla slipped 0.8 per cent ahead of its report. Its stock has been shaky recently, including a tumble after an update on its highly anticipated robotaxi included fewer details than investors were hoping for.

Boeing is reporting its latest results on Wednesday. It rose 3.1 per cent after reaching an agreement with the union representing its striking machinists on a contract proposal. The union’s members could vote Wednesday on the deal, which could end a costly walkout that has crippled production of airplanes for more than a month.

Trump Media & Technology Group rose 5.8 per cent to top $US31, continuing its strong run since it briefly dipped below $US12 last month. The company behind former President Donald Trump’s Truth Social platform is still losing money, but its stock often moves more with his perceived chances of reelection than anything else.

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Markets appear to be rotating towards a possible Trump win, according to Michael Wilson and other strategists at Morgan Stanley. They point to how stocks of financial companies have helped to lead the market this month, and consumer companies that could be hurt by tariffs are lagging. Bond yields are also rising, along with some precious metals prices and cryptocurrencies.