U.S. stock fell Monday as investors grew increasingly cautious of rising bond yields while watching latest batch of corporate earnings.
The Dow Jones Industrials came off its lows of the morning, but approached noon down 116.21 points to break for lunch at 33,809.80.
The S&P 500 dipped 28.6 points to 4,107.88.
The NASDAQ Composite had fallen 99.97 points to 11,906.99.
Investors were taking some profits after the stock market’s hot start to the year. The S&P 500 is up more than 7% for 2023, while the NASDAQ has advanced for the last five weeks, a streak not seen since November 2021.
Tyson Foods fell 4% after a weaker-than-expected earnings report. Children’s Place, the kids’ apparel retail, lost 11% after it pulled back its outlook for the fourth quarter.
Apple shed more than 1%, pressuring the Dow as concerns over higher rates weighed on some tech stocks. Retail stocks Target and Nike also traded down, while defensives such as Merck and Coca-Cola advanced.
Disney, Chipotle, Dupont and PepsiCo are among the major companies reporting earnings this week. About half way through earnings season, profits for S&P 500 companies are on pace to be 2.7% lower for the fourth quarter, according to Refinitiv.
Prices for the 10-year Treasury slid, raising yields to 3.63% from Friday’s 3.53%. Treasury prices and yields move in opposite directions.
Oil prices changed direction and moved higher 29 cents to $73.68 U.S. a barrel.
Gold prices hiked $4.40 to $1,881.00 U.S. an ounce.
