Stocks slip off record highs, GameStop, Peloton in focus

U.S. equity markets pulled back from record highs Monday as another week of trading kicked off on Wall Street.

The Dow Jones Industrial Average was lower by 66 points, or 0.19%, while the S&P 500 and the Nasdaq Composite were weaker by 0.19% and 0.48%, respectively. 

Both the Dow and the S&P finished at record highs on Friday as the major averages booked their fourth straight week of gains. The Nasdaq ended last week 0.4% below its own all-time peak.  

In stocks, GameStop Corp. CEO George Sherman will step down on or before July 31, upon the naming of a successor.

Elsewhere, Coinbase Global Inc. Chief Executive Brian Anderson sold $291.8 million of stock following the company’s debut on the Nasdaq last week. 

Meanwhile, Tesla Inc. shares were in focus after a weekend crash of a Model S vehicle that was on autopilot killed two people and caused a fire that raged for four hours. 

Peloton Interactive Inc. was under pressure after regulators warned of safety risks related to the company's treadmills following dozens of incidents that resulted in injuries. Peloton said its treadmills are safe if consumers follow their safety instructions.     

In deals, office furniture maker Herman Miller Inc. agreed to buy furniture and accessories company Knoll Inc. for $1.8 billion in cash and stock. The deal will pay Knoll shareholders the equivalent of $25.06 per share, a 45% premium to Friday's closing price.