Wall Street dips in expectation of inflation report

Investors are waiting for clues from the upcoming corporate earnings season and a crucial inflation report later this week, and so, the S&P 500 and Dow Jones industrial average ended lower on Monday.

Stocks have been selling off after recent strong gains fueled by a pullback in the benchmark 10-year bond yield from 14-month highs. Analysts project that investors took profit out of the market on Monday, leading to the dip in stocks.

Nasdaq took a hit of (-0.36%) during the session. The S&P 500 decreased by (-0.020%) while Dow made a loss of 0.16%.

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• Alibaba’s stock rises as it shrugs off a $2.75 billion antitrust fine.
• According to Refinitiv IBES numbers, S&P 500 earnings are estimated to have increased by 25% year over year in the third quarter.
• Canaccord Genuity upgraded Tesla Inc to “buy” from “hold,” saying the company could become “the brand” in energy storage.
• US yield on 10-year Treasuries rose three basis points to 1.69%.

Top gainers

1. NVIDIA up 5.62% to close at $608.36.
2. ConAgra Foods up 3.70% to close at $37.53.
3. Tesla up 3.69% to close at $701.98.
4. Fortive up 3.66% to close at $73.56.
5. Unum up 3.44% to close at $28.58.

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Top losers

1. IPG Photonics down 5.54% to close at $225.49
2. Carnival Corp down 5.29% to close at $27.75
3. AMD down 5.05% to close at $78.58
4. ViacomCBS down 5.04% to close at $39.77
5. Xilinx down 4.23% to close at $124.23

Outlook

• The first-quarter earnings of banks and financial companies such as JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp., Morgan Stanley, and Goldman Sachs Group Inc. are expected to have an impact on the market performance.
• Inflation data expected to come out today is also a key mover.
• Nairametrics, however, advises cautious buying in this era of growing uncertainties.