US stocks flat after records broadband ISPs sink

Wall Street shares were flat in early  trade Monday after Friday's new records, while shares in major broadband carriers plunged on President Barack Obama's strong endorsement of net neutrality.
About 30 minutes into trade, the Dow Jones Industrial Average was virtually unchanged (-0.03 point) at 17,573.90.
The S&P 500 edged up 1.08 (0.05 percent) to 2,033.00, while the Nasdaq Composite added 7.03 (0.15 percent) at 4,639.67.
Obama's statement against allowing large Internet service providers to discriminate between customers on Internet access and speeds was seen as a blow to an industry expecting to earn more by offering better broadband service and performance to preferred customers.
Comcast fell 6.0 percent, Time Warner Cable lost 7.1 percent, Charter Communications lost 5.3 percent, and Verizon fell 1.3 percent.
Merck shares dropped 2.5 percent after the failure of tests for an accelerated hepatitis C treatment.
Shares of rival pharmaceutical maker Gilead, whose hepatitis C treatment is selling strong despite a $90,000-plus cost, added 2.3 percent.
Overall market sentiment was muted after both the Dow and S&P 500 ended last week at new records.
"After the run the stock market has had, holding flat isn't bad at all," said Patrick O’Hare of Briefing.com.
"However, the stock market will be challenged by the belief that it is overextended and due for a pullback."
Bond prices were little changed. The yield on the 10-year US Treasury rose to 2.32 percent from 2.31 percent Friday, while the 30-year held unchanged at 3.05 percent. Bond prices and yields move inversely.