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Equity markets sank by noon hour Monday on news of earnings.
The Dow Jones Industrials faded 100.58 points, off its lows of the morning, to 40,488.76.
The much-broader index sank 5.22 points to 5,453.88.
The NASDAQ dropped 21.47 points to 17,336.41.
This week’s earnings slate will play a role in determining whether tech stocks can now bounce back. Microsoft, Meta Platforms, Apple and Amazon are all set to report their quarterly results in the coming days.
Another key event this week will be the Federal Reserve meeting, with the central bank set to release a new policy statement on Wednesday.
The Fed is not expected to cut interest rates this week, but traders will be looking for clues as to how likely the central bank is to make a move at its September meeting.
Monday’s moves come after a volatile week in the stock market. The S&P 500 dipped 0.8% to end the week, while the tech-heavy NASDAQ Composite fell 2.1%. However, the Dow rose 0.8%.
Prices for the 10-year Treasury grew, lowering yields to 4.17% from Friday’s 4.19%. Treasury prices and yields move in opposite directions.
Oil prices decreased $1.29 at $75.87 U.S. a barrel.
Gold prices lost $4.47 to $2,373.40
