US Stocks Pull Back From Record Highs 04/19 09:33
Stocks were modestly lower in early trading on Monday, as stocks eased after
hitting more records last week.
NEW YORK (AP) -- Stocks were modestly lower in early trading on Monday, as
stocks eased after hitting more records last week. Most of investors' attention
will turn to company earnings, as the busiest time for quarterly results will
be this week and next.
The S&P 500 index was down 0.3% as of 10 a.m. Eastern. The Dow Jones
Industrial Average was down 0.4%, pulled down by health care and industrial
companies. The Nasdaq fell 0.4%.
Earnings are front and center this week, as investors look to justify the
recent rise in stock prices with the profits needed to keep the market fueled
in this recovery. On average analysts are expecting profits across the S&P 500
to be up 24% from a year earlier, according to FactSet.
Eighty one out of the 500 members of the S&P 500 will report this week, as
well as 10 out the 30 members of the Dow, including Johnson & Johnson, Verizon
Communications and Intel.
The bond market was relatively stable. The yield on the 10-year Treasury
note held steady at 1.60%. Outside of earnings, a good amount of investor
attention is focused on the bond market as government stimulus and the
recovering economy have led to concerns about inflation.
Peloton fell 5% after regulators issued a safety notice over the exercise
equipment company's new treadmill. The company hasn't been forced to recall the
treadmill, and it's fighting the issue.