US stocks catch their breath at top of earnings-heavy week
S&P 500, Dow end lower; Nasdaq advances
Real Estate weakest S&P sector; Tech sole gainer
Dollar, crude advance; gold ~flat; bitcoin off ~1%
U.S. 10-Year Treasury yield jumps to ~4.19%
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U.S. STOCKS CATCH THEIR BREATH AT TOP OF EARNINGS-HEAVY WEEK
U.S. stocks ended mixed on Monday as investors skulked into the new week with caution in their step in the wake of Wall Street's six-week winning streak, as earnings season shifts into overdrive.
The S&P 500 and the Dow closed in negative territory, while tech shares .SPLRCT muscled the Nasdaq to a modest gain.
Investors were likely catching their breath, pressing 'pause,' and maybe taking a little profit amid the index's longest weekly winning streak of the year (a winning streak which fell, it's worth noting, on a historically weak time of year for stocks).
While Monday was quiet, it was merely the calm before a week crammed cheek-by-jowl with earnings, with more than one in five of every company in the S&P 500 due to post results.
The week's roster is wide and varied, and some of the more high profile companies expected to step up to the plate this week include:
Tesla TSLA.O, General Motors GM.N, 3M MMM.N, Lockheed Martin LMT.N, Norfolk Southern NSC.N, Boeing BA.N, General Dynamics GD.N, Union Pacific UNP.N, Textron TXT.N, Northrop Grumman NOC.N and United Parcel Service UPS.N.
First, Dallas Fed President Lorie Logan remarked at the Securities Industry and Financial Markets Association annual meeting that she closely monitors financial conditions to help her shape monetary policy.
Next, Neel Kashkari, Minneapolis Fed President, speaking before the Chippewa Falls Area Chamber of Commerce, said any sharp weakening in labor market conditions could move him to advocate cutting interest rates faster than the modest pace the central bank appears to have set for itself.
At last glance, financial markets were baking in an 87% likelihood of a 25 basis point rate cut at the conclusion of the Fed's next monetary policy meeting next month.
On the economic front, existing/new home sales, flash PMI, durable goods and UMich consumer sentiment await in the wings.
Here's your closing snapshot:
(Stephen Culp)
*****
FOR MONDAY'S EARLIER LIVE MARKETS POSTS:
JPMORGAN BUMPS UP ECONOMIC GROWTH EXPECTATIONS - CLICK HERE
BIOTECH M&A TO SHOW LESS 'FIRE POWER' IN 2024 DUE TO LOW-VALUED DEALS - CLICK HERE
S&P 500 HAS BEEN PARTYING, BUT VALUATIONS COULD BE A 2025 DAMPENER- CLICK HERE
A LOOK AT WHAT MOTIVATES U.S. VOTERS - CLICK HERE
MONDAY DATA: HAVE WALL AND MAIN STREETS PERMANENTLY DIVERGED? - CLICK HERE
S&P 500, DOW DIP AHEAD OF BIG EARNINGS WEEK - CLICK HERE
BEWARE OF GOING ALL IN ON TRUMP BETS - CLICK HERE
GOLD: A BATTLE LINE IS DRAWN - CLICK HERE
ARE EARNINGS EXPECTATIONS LOW ENOUGH? - CLICK HERE
THE 'NO LANDING' SCENARIO THAT COULD SUPPORT U.S. EQUITIES - CLICK HERE
OIL BOUNCE LIFTS ENERGY, STOXX MUTED - CLICK HERE
EUROPEAN FUTURES EDGE LOWER - CLICK HERE
SAP SETS THE TONE - CLICK HERE
Closing snapshot https://reut.rs/3YzALcx
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