U.S. stocks trade mixed at midday after Friday's surge

U.S. stocks wavered around flatline in a tight range in the morning session on Monday, as investors were looking for excuses to lock in gains.

At noon, the Dow Jones Industrial Average fell 25.62 points, or 0.14 percent, to 18,165.49. The S&P 500 edged down 1.49 points, or 0.07 percent, to 2,114.61. The Nasdaq Composite Index rose 11.25 points, or 0.22 percent, to 5,014.80.

With no major economic data or earnings reports due Monday, investors were still digesting Friday's jobs report, which showed that U.S. total nonfarm payroll employment increased by 223,000 in April, and the unemployment rate was essentially unchanged at 5.4 percent.

Traders believed Friday's jobs report was "Goldilocks", as it indicated growth in the U.S. economy but not enough to warrant the Federal Reserve moving up the timing of the first rate hike.

Overseas, China's central bank, the People's bank of China, on Sunday announced the third cut to interest rates since November, in a move aimed at bolstering the real economy. Following the cut Chinese Shanghai Composite Index romped more than 3 percent on Monday.

U.S. stocks soared with global shares on Friday, as investors cheered over the jobs report. Endite