US Stocks Edge Lower Monday 10/18 09:58
Stocks edged lower in morning trading on Wall Street Monday as the market's
momentum slows following its best week since July.
(AP) -- Stocks edged lower in morning trading on Wall Street Monday as the
market's momentum slows following its best week since July.
The S&P 500 fell 0.1% as of 10:15 a.m. Eastern. The Dow Jones Industrial
Average fell 131 points, or 0.4%, to 35,163 and the Nasdaq rose 0.1%.
Technology and health care stocks were the biggest weights on the benchmark
S&P 500. Medical device company Medtronic fell 4.6% and data storage company
NetApp fell 3.5%.
Energy stocks gained ground as U.S. crude oil prices rose 0.8%. Prices have
soared 70% so far this year. Occidental Petroleum rose 6.7%. A mix of retailers
and other companies that rely on consumer spending also rose.
The yield on the 10-year Treasury rose to 1.59% from 1.57% late Friday.
The broader market has been choppy for weeks as investors try to figure out
the economy's path ahead as COVID-19 remains a lingering threat, while
businesses and consumers face rising inflation. The S&P 500 rose 1.8% last week
for its best week since July, though it shed 2.2% just two weeks prior.
Investors are busy reviewing the latest round of corporate earnings for a
better picture of how companies fared through the surge of virus cases last
quarter and how many are dealing with rising inflation's impact on costs.
Health care giant Johnson & Johnson will report its latest results on
Tuesday, as will streaming entertainment service Netflix. Investors will get a
better sense of how airlines are recovering when several major carriers report
results this week. United Airlines will report its latest results on Tuesday,
with American Airlines and Southwest Airlines reporting their results on
Investors also have several pieces of economic data to review this week. The
Federal Reserve on Monday reported a surprisingly big drop in industrial
production. Nearly half of the 1.3% drop was caused by the lingering effects of
Wall Street will also get more information on the housing market's health
this week with the Commerce Department's report on housing starts for September
on Tuesday and the National Association of Realtors' report on sales of
previously occupied homes in September on Thursday.