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U.S. stocks 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 closed the day down 34.99 points at 33,891.02.
The S&P 500 dipped 25.4 points to 4,111.08.
The NASDAQ Composite was in the minus column 119.5 points, or 1% to 11,887.45.
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 5% on the back of a weaker-than-expected earnings report. The Children’s Place, a kids’ apparel retailer, lost nearly 4% after it pulled back its outlook for its fourth quarter.
Apple shed nearly 2%, 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, which investors will be watching for any indications that prior interest rate hikes have hurt companies’ finances. With the earnings season about halfway over, profits for S&P
500 companies are on pace to be 2.7% lower for the fourth quarter.
Prices for the 10-year Treasury slid, raising yields to 3.65% from Friday’s 3.53%. Treasury prices and yields move in opposite directions.
Oil prices grabbed $1.01 to $74.40 U.S. a barrel.
Gold prices hiked $4.90 to $1,881.50 U.S. an ounce.
