Tech led US stocks slightly lower on Monday as investors braced for a packed week of top-tier earnings that could drive or drag on a record-setting rally.
The S&P 500 (^GSPC) dropped roughly 0.1%, coming off a fresh all-time closing high and a sixth weekly win in a row. The Dow Jones Industrial Average (^DJI) edged almost 0.1% lower, while the tech-heavy Nasdaq Composite (IXIC) shed 0.1%.
The 10-year treasury yield (^TNX) climbed to the highest level since the end of July.
Whether records keep rolling in rides in large part on corporate results in the coming days. Earnings season ramps up this week, as over 100 S&P 500 companies are lined up to report. So far, 80% of third quarter updates from those on the benchmark have topped the mark.
Investors are on edge for Tesla’s (TSLA) report on Wednesday, after its robotaxi unveiling fell short of expectations. The EV maker is the highlight of the week amid questions about Big Tech performance, even after Netflix’s (NFLX) strong kickoff to the megacap season.
General Motors (GM), Coca-Cola (KO), American Airlines (AAL), and UPS (UPS) are among several other big hitters on the earnings docket this week.
Boeing (BA) faces a double-whammy on Wednesday, when it’s expected to release earnings at the same time workers vote on whether to accept a tentative deal agreed with the union to end a five-week strike. Shares of the plane maker rose over 3% in early Monday trading.
Meanwhile, oil prices recovered, rising nearly 2% alongside gains for Chinese stocks (000300.SS) as China’s stimulus push continued with a cut to key lending rates. Global benchmark Brent futures (BZ=F) traded near $74 a barrel, while West Texas Intermediate (CL=F) crude futures topped $70, with Israel’s next Iran move also in focus.
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