A three-day winning streak for US stocks came to an end on Monday as sagging materials stocks offset advances in the consumer staples and discretionary sectors, which were buoyed by news of a takeover and stakebuilding.

Mars, the private confectionery group, said it would buy chewing gum group Wrigley for about $23bn in cash. Warren Buffett, the investment guru, Goldman Sachs and JPMorgan Chase are financing the deal.