US close: Stocks sharply lower ahead of Q1 earnings
Wall Street stocks registered losses on Monday as Treasury yields continued to move higher ahead of the Q1 earnings season.
At the close, the Dow Jones Industrial Average was down 1.19% at 34,308.08, while the S&P 500 was 1.69% weaker at 4,412.53 and the Nasdaq Composite saw out the session 2.18% softer at 13,411.96.
The Dow Jones closed 413.04 points lower on Monday, extending losses recorded in the previous session that saw major indices end last week in the red as fears regarding a more aggressive stance against inflation by the Federal Reserve weighed on sentiment.
Treasury yields were in focus throughout the session on Monday after the yield on the benchmark 10-year note exceeded 2.79%, a level not seen since January 2019, as the Fed continued to brace market participants for tighter monetary policy going forward. It was hovering at around 2.775% at the close of trading.
Covid-19 related lockdowns in China and the Russia-Ukraine conflict were also drawing an amount of investor attention on Monday.
While no major earnings were published on Monday, first-quarter earnings season will kick off later in the week, with bank JPMorgan Chase and carrier Delta both set to report results on Wednesday, while Citigroup, Goldman Sachs, Morgan Stanley and Wells Fargo will report before markets open on Thursday.
Dow Jones - Risers
Verizon Communications Inc. (VZ) $53.90 0.69%
Travelers Company Inc. (TRV) $185.63 0.42%
Dow Chemical Co. (DOW) $61.93 0.41%
3M Co. (MMM) $149.99 0.12%
Dowdupont Inc. (DWDP) $30.52 0.00%
Honeywell International Inc. (HON) $230.94 0.00%
Coca-Cola Co. (KO) $63.81 -0.03%
Boeing Co. (BA) $175.03 -0.10%
Goldman Sachs Group Inc. (GS) $320.76 -0.20%
JP Morgan Chase & Co. (JPM) $133.00 -0.37%
Dow Jones - Fallers
Microsoft Corp. (MSFT) $285.26 -3.94%
American Express Co. (AXP) $177.71 -3.26%
Nike Inc. (NKE) $124.84 -2.58%
Cisco Systems Inc. (CSCO) $52.88 -2.58%
Chevron Corp. (CVX) $165.56 -2.57%
Apple Inc. (AAPL) $165.75 -2.55%
Walgreens Boots Alliance, Inc. (WBA) $44.43 -2.18%
Walmart Inc. (WMT) $154.29 -1.98%
Unitedhealth Group Inc. (UNH) $537.44 -1.56%
Home Depot Inc. (HD) $306.72 -1.41%
S&P 500 - Risers
Delta Airlines Inc. (DAL) $38.21 4.00%
Bath & Body Works, Inc. (BBWI) $47.69 3.37%
Southwest Airlines Co. (LUV) $42.59 3.27%
Svb Financial Group (SIVB) $516.61 3.25%
Macy's Inc. (M) $24.47 3.10%
Ross Stores Inc. (ROST) $99.71 2.96%
PVH Corp. (PVH) $74.96 2.91%
Whirlpool Corp. (WHR) $176.43 2.53%
Molson Coors Beverage Co. Class B (TAP) $52.83 2.46%
American Airlines Group (AAL) $16.97 2.29%
S&P 500 - Fallers
AT&T Inc. (T) $19.63 -18.68%
Occidental Petroleum Corp. (OXY) $57.92 -6.28%
Idexx Laboratories Inc. (IDXX) $514.75 -5.92%
Nvidia Corp. (NVDA) $219.17 -5.20%
ConocoPhillips (COP) $97.91 -4.99%
Diamondback Energy Inc. (FANG) $135.10 -4.85%
Abiomed Inc. (ABMD) $299.29 -4.85%
National Oilwell Varco Inc. (NOV) $19.41 -4.71%
Apache Corp. (APA) $41.09 -4.49%
Eog Resources Inc. (EOG) $121.33 -4.37%
Nasdaq 100 - Risers
Ross Stores Inc. (ROST) $99.71 2.96%
American Airlines Group (AAL) $16.97 2.29%
NetEase Inc. Ads (NTES) $94.97 2.07%
Dollar Tree Inc (DLTR) $165.49 1.58%
DENTSPLY Sirona Inc. (XRAY) $48.48 0.89%
Kraft Heinz Co. (KHC) $41.28 0.82%
Monster Beverage Corp (MNST) $82.14 0.64%
Vodafone Group Plc ADS (VOD) $17.08 0.62%
Sirius XM Holdings Inc (SIRI) $6.54 0.62%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $403.69 0.53%
Nasdaq 100 - Fallers
Idexx Laboratories Inc. (IDXX) $514.75 -5.92%
Nvidia Corp. (NVDA) $219.17 -5.20%
Tesla Inc (TSLA) $975.93 -4.83%
Hologic Inc. (HOLX) $76.52 -4.34%
Qurate Retail Inc. (QRTEA) $4.46 -4.29%
Microsoft Corp. (MSFT) $285.26 -3.94%
Intuitive Surgical Inc. (ISRG) $278.91 -3.78%
Alphabet Inc. Class A (GOOGL) $2,576.47 -3.35%
Lam Research Corp. (LRCX) $475.89 -3.20%
Biomarin Pharmaceutical Inc. (BMRN) $83.28 -3.16%