Stocks slipped on Monday to start the week, as traders weighed the latest quarterly earnings reports and awaited key U.S. inflation data.
The Dow Jones Industrials nicked higher 1.39 points to close Monday at 35,091.13.
The S&P 500 subtracted 16.66 points to 4,483.67
The NASDAQ dropped 82.34 points to 14,015.67
Quarterly results were again a source of volatility for stocks on Monday. Tyson Foods gained more than 12% after beating earnings expectations, while medical device stock Zimmer Biomet fell 9% after its report.
Meanwhile, shares of Facebook-parent Meta fell more than 5%, continuing a post-earnings slide. The stock has now dropped 30% since the company’s quarterly report last Wednesday. And shares of Netflix, still struggling after the company issued weak guidance in January, fell another nearly on Monday after investment firm Needham said the company’s current strategy could not win the streaming wars.
So far 56% of S&P 500 companies have posted quarterly earnings, with 77% beating earnings estimates and 76% topping revenue expectations, according to FactSet. However, there have been some disappointing results from high profile company, including Facebook-parent Meta, that have sparked major pullbacks for some stocks.
There are more than 70 S&P 500 companies set to post results this week. Three Dow components will provide quarterly updates, including Disney and Coca-Cola. Amgen, Take-Two Interactive and On Semiconductor are among the names that will report earnings Monday.
Elsewhere, shares of Spirit Airlines jumped 17% after Frontier Airlines announced a deal to merge with its low-cost competitor. The news appeared to boost sentiment among airlines generally, with shares of United rising more than 3%.
Peloton shares surged nearly 21% on reports that Amazon and Nike are lining up as possible suitors for the interactive fitness equipment maker. Shares of Snowflake jumped more than 6% after an upgrade from Morgan Stanley.
Prices for 10-year Treasurys gained slightly, lowering yields to Friday’s 1.92%. Treasury prices and yields move in opposite directions.
Oil prices toppled 77 cents to $91.54 U.S. a barrel.
Gold prices were up $14.40 to $1,822.20 U.S. an ounce.