Stocks waver after record run

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NEW YORK (CNNMoney) After last week's big rally, investors were taking a more cautious approach Monday as they look for clarity about the economy and corporate earnings.

The S&P 500 pulled back a bit, after opening at a record high. The Dow Jones industrial average was also off a few points, while the Nasdaq held modest gains.

Investors jumped back into the market last week after the U.S. government reopened and lawmakers ended a budget showdown that threatened the nation's credit rating.

But the tone was more muted Monday as investors asses the economic damage caused by the shutdown and weigh the outlook for corporate earnings.

"The market will be looking for an excuse" to pull back by 1% or 2%, said Peter Cardillo, chief economist at Rockwell Global Capital. That excuse, he said, might be the September jobs report, which will be released Tuesday after being delayed by the partial government shutdown.

McDonald's (MCD, Fortune 500) shares fell after the fast food chain reported earnings that met expectations, but global sales growth was tepid . Halliburt (HAL, Fortune 500)on shares fell after the oil field services company's earnings met expectations.

AT&T (T, Fortune 500) shares gained after the company announced over the weekend that it had inked a $4.8 billion lease deal with Crown Castle International Corp (CCI).

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Who's watching Netflix? Netflix (NFLX) is among the companies slated to release quarterly results after the market closes.

"$NFLX up more than 3% this morning on volume 3X average : is it a clue about the earnings that will be announced this evening?" asked StockTwits user JeanPaul.

At least one trader thinks the provider of online TV and movie rentals could announce plans to ramp up its original content.

"Wouldn't be surprised to see $NFLX raise a little cash to finance more in house productions," said danconway.

Given the high expectations, some traders were bracing for a volatile reaction if the company fails to deliver.

"$NFLX It's like a lot o! f good news is getting priced in. So if earnings doesn't blow the street away, it may not go a ton higher tomorrow," said tangsting.

Keeping tabs on JPMorgan. Shares of JPMorgan Chase (JPM, Fortune 500) rose following news over the weekend that the bank and the Department of Justice have tentatively agreed to a $13 billion civil settlement to resolve several investigations into the bank's mortgage securities business.

Despite the record fine, the settlement would be a positive for the stock since it means JPMorgan can finally move beyond its legal woes, according to analysts at Biard Equity Research.

Tomorrow is iPad day. Apple (AAPL, Fortune 500) shares were up 2% one day before the company is expected to reveal its first revamped iPad in a year. Apple, which reports earnings next week, was also upgraded to "Buy" by analysts at Societe Generale.

"$AAPL Triple whammy of positives. 1) just crossed 513 2) iPad event with possible CHL deal 3) ER next week. Good buy right here IMO," wrote mjhtradepro.

On the economic front, the National Association of Realtors said existing home sales fell 1.9% in September. The group said rising interest rates and the fallout from the government shutdown will weigh on the housing market in the months ahead.