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U.S. stocks fell slightly on Monday after a strong week for the major averages, as investors awaited the release of major corporate earnings reports.
The Dow Jones Industrial tumbled 177.1 points to start off the week 43,098.81.
The S&P 500 index advanced turned downward 10.34 points to 5,854.33.
The tech-heavy NASDAQ eked higher 7.47 points to 18,497.01.
Momentum behind the major U.S. indexes’ recent gains may depend on whether companies can beat expectations this earnings season, which is set to ramp up this week. Roughly one-fifth of S&P 500 companies — including major names such as Tesla, Coca-Cola and GE Aerospace — are set to report through Friday.
Thus far, the results have been mixed. Of the 14% of S&P 500 companies that have already posted third-quarter results, 79% have beaten
expectations. However, the magnitude of those beats have been more lackluster.
Investors are largely optimistic equities still have further room to run, but they are mindful that stretched valuations, particularly ahead of the U.S. presidential election and amid rising geopolitical risks, could also mean further choppiness.
Monday’s moves come after both the S&P 500 and 30-stock Dow registered all-time highs on Friday, cementing a sixth straight weekly advance for both benchmarks.
Prices for the 10-year Treasury popped, lowering yields to 4.15% from Friday’s 4.08%. Treasury prices and yields move in opposite directions.
Oil prices gained 97 cents to $70.49 U.S. a barrel.
Prices for gold leaped $23.30 an ounce to $2.753.20 U.S.
