Ines Ferré
Live
Stock market today: Dow slips as S&P 500, Nasdaq wobble with flood of earnings ahead
In this article:
Stocks wobbled 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 almost 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 0.2% lower, while the tech-heavy Nasdaq Composite (IXIC) hovered near the flatline as shares of AI chip heavyweight Nvidia (NVDA) hovered near new highs.
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, the 10-year Treasury yield (^TNX) climbed over 6 basis points to 4.136%, the highest level since the end of July.
Oil prices rose as much as 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.
Live4 updates
Nvidia climbs 1% to touch intraday record high
Nvidia (NVDA) climbed more than 1.5% on Monday, helping mitigate a bigger decline in the Nasdaq Composite (IXIC).
Shares of the AI chip heavy weight rose to hover above $140 each, briefly touching an intraday high of $141.
The Nasdaq was trading near the flatline as Nvidia rose.
Stocks dip as investors await fresh batch of earnings
The major averages opened slightly lower on Monday as investors await a fresh batch of earnings this weeek.
The S&P 500 (^GSPC) dropped roughly 0.2%, coming off a fresh all-time closing high while the Dow Jones Industrial Average (^DJI) edged 0.1% lower. The tech-heavy Nasdaq Composite (IXIC) shed 0.2%.
A fresh batch of quarterly results will roll in this week including Tesla (TSLA) on Wednesday, General Motors (GM), Coca-Cola (KO), American Airlines (AAL), and UPS (UPS) are among several other big names on the earnings docket this week.
Boeing stock rallies on tentative labor deal
Boeing stock jumped as much as 4.5% Monday premarket on news that the aircraft manufacturer has reached a tentative labor deal with workers who've been on strike for more than one month.
The contract would raise pay 35% over four years and increase Boeing's 401(k) contributions, but it would not reinstate pension plans — a major union demand. Analysts estimate the contract could lead to an additional $1 billion in wage-related expenses for the company.
The union will vote on the contract Wednesday, the same day Boeing reports its quarterly earnings. Analysts expect the company to report an earnings loss per share of $1.50, according to Bloomberg consensus estimates.
Boeing this year has struggled since an airplane part ripped off one of its 737 Max 9 planes during a flight in January. Shares are down over 40% this year.
Of the Wall Street analysts covering the stock tracked by Bloomberg, some 19 recommend buying the stock, while 11 have a Hold rating and three say to sell shares. On average, analysts see Boeing shares rising to about $192 over the next 12 months, implying a more than 20% gain.
Good morning. Here's what's happening today.
Economic data: Leading Economic Index, (September)
Earnings: SAP SE (SAP), Nucor Corporation (NUE), HBT Financial (HBT), Zions Bancorporation (ZION), Nucor Corporation
Here are some of the biggest stories you may have missed over the weekend and early this morning:
Goldman: S&P 500's decade of big gains is over
ASML highlights chasm in chips: AI winners vs. everyone else
Boeing's proposed labor deal could lead to $1B in costs
Treasury 10-year yields may hit 5% within months: T. Rowe Price
Why Nvidia is backed to win the race to a $4 trillion market cap
How Investors Are Betting on the Election, From Utility Stocks to DJT
Musk offers voters $1 million to sign PAC petition. Can that be legal?
