- US stocks dipped as investors await third-quarter earnings from major S&P 500 companies.
- The slight decline on Monday follows a six-week win streak and record highs for S&P 500 and Dow Jones.
US stocks took a breather on Monday, with all three major indexes moving slightly lower as investors prepare for another wave of third-quarter earnings.
The slight decline comes after a six-week win streak in the major indexes and record highs for the S&P 500 and Dow Jones Industrial Average.
More than 20% of S&P 500 companies are set to report results this week, including Coca-Cola, Tesla, and UPS.
So far, investors should be feeling good about third-quarter earnings results.
Of the 14% of S&P 500 companies that have reported results so far, 81% beat profit estimates by a median of 6%, while real revenue growth accelerated to 2%, according to data from Fundstrat.
"This remains a solid earnings season so far," Fundstrat's Tom Lee said in a note on Monday, adding that the positive results are "supportive" of market fundamentals.
It's a quiet week for economic data, though Fedspeak is set to ramp up with speeches from six members of the Federal Reserve.
Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Monday:
- S&P 500: 5,858.63, down 0.10%
- Dow Jones Industrial Average: 43,224.76, down 0.12% (-51.15 points)
- Nasdaq composite: 18,477.36, down 0.07%
Here's what else is going on:
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In commodities, bonds, and crypto:
- West Texas Intermediate crude oil was up 1.82% to $69.94 a barrel. Brent crude, the international benchmark, was higher by 1.56% to $74.20 a barrel.
- Gold was higher by 0.82% to $2,752.90 an ounce.
- The 10-year Treasury yield jumped 6 basis points to 4.140%.
- Bitcoin was lower by 1.82% to $67,762.