Wall Avenue ends decrease as buyers await earnings, inflation knowledge


The S&P 500 and Dow Jones industrial averages ended lower on Monday, and investors waited for clues from the upcoming corporate earnings season and a major inflation report later this week.

The indices closed at record highs on Friday after rebounding for days as they pulled the benchmark’s 10-year bond from its 14-month high.

With US consumer price data for March due out Tuesday, it could lead to higher government bond yields. Big Wall Street names will kick off earnings season on Wednesday, providing new catalysts for buying or selling stocks in a record high market.

Federal Reserve chairman Jerome Powell said Sunday the US economy is at a “turning point” with expectations of faster growth in the coming months, but warned that a hasty reopening would lead to a sustained surge in coronavirus Cases could lead.

Banks are among the first to show profits for the opening quarter of 2021. Goldman Sachs, JPMorgan and Wells Fargo are expected on Wednesday.

Both the financial index and the consumer discretionary sectors hit record highs on Monday as confidence in both was in place as the US economy reopened.

Communications services and energy stocks were the largest declines among the 11 major S&P 500 industry indices.

Overall, the Dow Jones Industrial Average fell 55.2 points, or 0.16%, to 33,745.4, the S&P 500 lost 0.81 points, or 0.02%, to 4,127.99, and the Nasdaq Composite fell 50.19 Points or 0.36% to 13,850.00.

Tesla Inc rose 3.7% after Canaccord Genuity upgraded the electric car maker’s shares to “Buy” and said the company could become “the brand” for energy storage.

The Nvidia Corp. rose 5.6% after it announced on Monday that it would manufacture a server processor chip that Intel Corp. would directly challenge. The chip maker also posted sales that exceeded expectations in the first quarter.


Declining issues outperformed advancing issues on the NYSE by a ratio of 1.08 to 1; On Nasdaq, a ratio of 1.84 to 1 favored declines.