U.S. stocks declined on the first day of the week as investors prepare for earnings reports. The Dow Jones Industrial Average dropped slightly to start a big week of earnings for the market, while traders monitored surging rates and commodities.
It fell 39.54 points or 0.1% to 34,411.69. The S&P 500 fell 0.02% to 4,391.69. The Nasdaq Composite declined 0.1% to 13,332.36.
U.S. stocks whipsawed in a rollercoaster session on Monday after the 10-year Treasury yield rose to its highest level in several years, trading at 2.884% at one point.
Rising commodity prices raised concern about inflation and how companies will deal with rising costs in forward guidance. On Monday, the price of natural gas reached its highest point since 2008.
Mega cap tech including Amazon, Meta Platforms, Alphabet as well as Microsoft finished the day higher after wavering back and forth over the flat line throughout the trading session.
U.S. stocks and interesting details
On Monday, Charles Schwab was the top decliner in the S&P 500. It dropped 9.4% after the discount broker reported weaker-than-expected earnings and revenue for the first quarter of the year. Shares of Bank of New York Mellon fell 2.2% after the company reported lower profits for the first quarter.
Bank of America’s quarterly results reported on Monday, showed a 13% year-over-year drop in earnings per share. Interestingly, the results were slightly higher than expected. The stock added 3.4%, helping shares of fellow big banks Wells Fargo and JPMorgan Chase rise more than 1% each.
Shares of Twitter were up 7.4% at $48.45 per share. The move came after the company announced on Friday that the board adopted a limited duration shareholder rights plan, often referred to as a “poison pill” as Tesla’s CEO Elon Musk tries to buy Twitter.
COMMENTS