Dow Plummets Nearly 350

The Dow Jones Industrial Average fell Monday, giving back some of the strong gains from last week, as Treasury yields rose and investors awaited new earnings reports.

The 30-stock index tumbled 344.31 points to end the week’s first session at 42,931.60.

The S&P 500 index dipped 10.69 points to 5,853.98.

The NASDAQ regained 50.45 points to 18,540.01.

Consumer and homebuilder stocks were among the biggest losers as fears about higher-for-longer interest rates crept up, with Target and Builders FirstSource each down more than 4%. Lennar also shed more than 3.5%.

Momentum behind the major U.S. indexes’ recent gains may also depend on whether companies can beat expectations this earnings season, which is set to ramp up this week. Roughly one-fifth of S&P 500 companies — including major names such as Tesla, Coca-Cola and GE Aerospace — are set to report through Friday.

Earnings will be key this week with roughly one-fifth of the S&P 500 set to report. Among the companies on deck are Tesla, Coca-Cola and GE Aerospace.

Thus far, the results have been mixed. Of the 14% of S&P 500 companies that have already posted third-quarter results, 79% have beaten expectations. Analysts have significantly downgraded their earnings expectations for the quarter in recent months.

Prices for the 10-year Treasury sank, raising yields to 4.19% from Friday’s 4.08%. Treasury prices and yields move in opposite directions.

Oil prices gained $1.17 to $70.39 U.S. a barrel.

Prices for gold advanced $4.50 an ounce to $2.734.50 U.S.



Source link

About The Author

Scroll to Top