16/07/2024 5:31 AM


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Dow, S&P 500 slide as focus shifts to earnings; Nasdaq gains

FILE PHOTO: The New York Stock Exchange (NYSE) building is seen in New York City, New York, U.S., June 4, 2019. REUTERS/Mike Segar

NEW YORK (Reuters) – The Dow and S&P 500 fell on Monday after last week’s strong gains, as U.S. companies prepared to kick off a quarterly earnings season expected to be rough due to the coronavirus pandemic, while Amazon.com (AMZN.O) gains helped the Nasdaq end higher.

The Nasdaq registered its first three-day streak of gains since Feb. 12.

The S&P banking subsector .SPXBK fell, with JPMorgan Chase & Co (JPM.N) and Wells Fargo & Co (WFC.N) set to report on Tuesday and analysts expecting a bleak outlook for the year.

Volume was lighter than usual with European and other markets still closed following Easter Sunday, but investors “also are facing another phase for the market, and that is the earnings season,” said Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey.

The Dow Jones Industrial Average .DJI fell 328.6 points, or 1.39{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}, to 23,390.77, the S&P 500 .SPX lost 28.19 points, or 1.01{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}, to 2,761.63 and the Nasdaq Composite .IXIC added 38.85 points, or 0.48{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}, to 8,192.43.

Additional reporting by April Joyner in New York and Medha Singh and Akanksha Rana in Bengaluru; Editing by Tom Brown and Chizu Nomiyama

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