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%.
READ: In a hyperinflation economy like Nigeria’s, these are the best investments to consider immediately
- 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
- NVIDIA up 5.62% to close at $608.36.
- ConAgra Foods up 3.70% to close at $37.53.
- Tesla up 3.69% to close at $701.98.
- Fortive up 3.66% to close at $73.56.
- Unum up 3.44% to close at $28.58.
READ: 1 billion worth of XRP worth $576 million released to public
Top losers
- IPG Photonics down 5.54% to close at $225.49
- Carnival Corp down 5.29% to close at $27.75
- AMD down 5.05% to close at $78.58
- ViacomCBS down 5.04% to close at $39.77
- 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.