Technology led U.S. stocks slightly lower on Monday as investors braced for a busy week with headline gains that could fuel or slow a record rally.
The S&P 500 (^GSPC) fell about 0.1%, posting a new all-time high and a sixth straight weekly gain. The Dow Jones Industrial Average (^DJI) fell nearly 0.1%, while the tech-heavy Nasdaq Composite (IXIC) also lost 0.1%.
Whether records continue to roll largely depends on company results in the coming days. Earnings season kicks off this week, as more than 100 S&P 500 companies line up to report. So far, 80% of updates in the benchmark’s third quarter have prevailed.
Investors are on edge for Tesla’s (TSLA) report on Wednesday, after the robotaxi’s unveiling fell short of expectations. The EV maker is the highlight of the week amid questions about Big Tech’s performance, even after Netflix’s (NFLX) strong kick-off to mega-cap season.
General Motors (GM), Coca-Cola (KO), American Airlines (AAL) and UPS (UPS) are among some other major players on the earnings list this week.
Boeing (BA) faces a double whammy on Wednesday when it is expected to release its earnings figures as workers vote on whether to accept a tentative agreement with the union to end a five-year strike. to soften. The aircraft manufacturer’s shares rose more than 3% in early Monday trading.
Meanwhile, the yield on ten-year government bonds (^TNX) rose by more than 6 basis points to 4.136%, the highest level since late July.
Oil prices rose as much as 2%, alongside gains for Chinese stocks (000300.SS), as China’s stimulus measures continued with a cut in key interest rates. Global benchmark Brent futures (BZ=F) traded around $74 a barrel, while West Texas Intermediate (CL=F) crude futures rose above $70, with Israel’s next Iranian move also in focus.
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