Stock market today: Nasdaq, S&P 500 head for third loss in a row as Nvidia and Microsoft slip

The S&P 500 (^GSPC) wavered between positive and negative territory on Monday following Friday’s sharp sell-off. Still, the broad-based index remains up more than 2% year to date, and pullbacks should be seen as a buying opportunity, UBS strategists said.

“We see the S&P 500 rising to 6,600 by the end of the year, although the journey up is likely to be accompanied by heightened volatility,” Solita Marcelli, UBS Global Wealth Management chief investment officer of the Americas, wrote on Monday.

“Portfolio diversification and hedging approaches are key, and we think capital preservation strategies can help manage drawdown risks in equities,” she added.

During midday trading on Monday, the S&P 500 pared losses while the Nasdaq Composite (^IXIC) dropped 0.4%. The Dow Jones Industrial Average (^DJI) climbed 0.3% as defensive stocks gained.