Reuters File Photo: A road sign for Wall Street can be seen outside the New York Stock Exchange (NYSE) in New York City, USA, July 19, 2021. Reuters / Andrew Kelly
By Caroline Valetkevich
NEW YORK (Reuters) – U.S. stocks ended a sticky session on Monday as investors became more concerned ahead of the third-quarter earnings reporting season.
Concerns over supply chain problems and higher costs for fuel and other things have raised concerns, starting Wednesday with the results of JP Morgan Chase & Co (NYSE :).
The indices reversed the initial gains, and shares of JPMorgan declined and were among the biggest drag, while the S&P financial index was also low.
According to preliminary data, the S&P 500 lost 30.56 points, or 0.70%, to 4,360.78 points, while the Nasdaq Composite lost 95.94 points, or 0.66%, to 14,483.60. The Dow Jones Industrial Average fell 252.12 points, or 0.73%, to 34,494.13.
Tim Grisky, chief investment strategist at Inverness Council in New York, said: “I was surprised to see the market this morning because the earnings season is just ahead of us, and the market is somewhat cautious in this earnings season.”
“Supply chain problems can affect the earnings of several companies and certain industries more than others.”
According to IBES data, strong U.S. profit growth is forecast for another time as the third-quarter report of Corporate America flows in the third week, with analysts expecting a 29.6% increase in S&P 500 company profits in the third quarter from Friday to Friday.
But earnings are becoming important for investors concerned about the impact of supply disruptions and inflationary pressures on U.S. companies, and could cause further instability on Wall Street after the September crash.
After achieving the highest power since January 2020, the power was also low. The high price of oil is a source of concern for businesses and rising costs for consumers.
While some trading may be affected due to the US Columbus Day holiday, the US bond market remains closed on Monday.
Among private stocks, Southwest Airlines (NYSE 🙂 Co. slipped in a report that it canceled at least 30% of its scheduled flights on Sunday. (Graphic: S&P 500 vs. Power – https://fingfx.thomsonreuters.com/gfx/mkt/gdpzywylqvw/MicrosoftTeams-image%20(19).png)
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