US stocks give up an early gain and trade mixed at midday; Utilities among biggest losers

Trader Steven Kaplan, center, works on the floor of the New York Stock Exchange, Monday, Aug. 4, 2014. U.S. stocks are opening mostly higher as the market recovers from a two-day slide last week. (AP Photo/Richard Drew) (The Associated Press)

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Sal Suarino, right, works with fellow traders on the floor of the New York Stock Exchange, Monday, Aug. 4, 2014. U.S. stocks are opening mostly higher as the market recovers from a two-day slide last week. (AP Photo/Richard Drew) (The Associated Press)

Specialist Ronnie Howard, left, works at his post on the floor of the New York Stock Exchange, Monday, Aug. 4, 2014. U.S. stocks are opening mostly higher as the market recovers from a two-day slide last week. (AP Photo/Richard Drew) (The Associated Press)

U.S. stocks are losing momentum in midday trading following a major sell-off last week that put caution back into the market.

The Dow Jones industrial average fell 16 points, or 0.1 percent, to 16,477 as of noon Eastern time Monday.

The Standard & Poor's 500 index was little changed at 1,925 and the Nasdaq composite edged up nine points, or 0.2 percent, to 4,362.

The S&P 500 index is coming off its worst week since June 2012.

Utilities stocks lagged the rest of the market. Duke Energy fell 2 percent.

Michael Kors dropped 7 percent after the fashion company reported that its profit margin shrank for the second consecutive quarter.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.47 percent.