US open: Stocks head south ahead of Q2 earnings
Wall Street stocks were in the red early on Monday as market participants prepped for the beginning of Q2 earnings season.
As of 1520 BST, the Dow Jones Industrial Average was down 0.43% at 31,203.57, while the S&P 500 was 1.06% weaker at 3,858.22 and the Nasdaq Composite came out the gate 2.00% softer at 11,402.76.
The Dow opened 134.58 points lower on Monday, extending losses recorded in the previous session.
Covid-19 was in focus early on Monday, with Shanghai declaring its first case of the BA.5 subvariant, forcing Macau to close its casinos for a week.
Also drawing an amount of investor attention was the yield on the two-year Treasury note, trading above its 10-year counterpart, currently sitting at 3.005% at 3.062% - an inversion many see as a recession indicator.
However, Monday's primary focus may well be news that Elon Musk has opted to terminate a deal worth $44.0bn to buy social media giant Twitter. The tech billionaire alleged that Twitter had been dishonest regarding the number of bots and fake accounts on the platform.
No major corporate earnings or data points were scheduled for release on Monday but PepsiCo, Delta Air Lines, JPMorgan Chase, Morgan Stanley, Wells Fargo, and Citigroup will all report before the end of the week.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Merck & Co. Inc. (MRK) $93.64 0.93%
Procter & Gamble Co. (PG) $146.20 0.81%
International Business Machines Corporation (CDI) (IBM) $141.18 0.51%
Travelers Company Inc. (TRV) $169.85 0.50%
Coca-Cola Co. (KO) $63.41 0.43%
Verizon Communications Inc. (VZ) $50.70 0.42%
Amgen Inc. (AMGN) $249.34 0.35%
Johnson & Johnson (JNJ) $178.88 0.34%
Walmart Inc. (WMT) $125.78 0.30%
Visa Inc. (V) $203.63 0.03%
Dow Jones - Fallers
Boeing Co. (BA) $136.03 -2.19%
Intel Corp. (INTC) $37.16 -2.18%
Nike Inc. (NKE) $105.60 -2.16%
Walt Disney Co. (DIS) $93.84 -2.11%
Salesforce.Com Inc. (CRM) $171.94 -2.03%
Microsoft Corp. (MSFT) $262.49 -1.93%
Apple Inc. (AAPL) $144.42 -1.78%
JP Morgan Chase & Co. (JPM) $112.86 -1.31%
Goldman Sachs Group Inc. (GS) $292.71 -1.27%
Dow Chemical Co. (DOW) $50.82 -1.09%
S&P 500 - Risers
Coterra Energy Inc. (CTRA) $26.93 2.36%
Altria Group Inc. (MO) $42.31 1.90%
Perrigo Company plc (PRGO) $41.83 1.79%
Wisconsin Energy Corp. (WEC) $100.94 1.44%
Campbell Soup Co. (CPB) $49.23 1.34%
Church Dwight Co Inc. (CHD) $95.93 1.29%
CMS Energy Corp. (CMS) $66.87 1.29%
J. M. Smucker Co. (SJM) $133.63 1.28%
Kellogg Co. (K) $73.44 1.27%
Clorox Co. (CLX) $143.09 1.22%
S&P 500 - Fallers
Wynn Resorts Ltd. (WYNN) $51.92 -8.04%
Twitter Inc (TWTR) $34.45 -6.41%
Royal Caribbean Cr (RCL) $32.55 -5.49%
Carnival Corp. (CCL) $8.53 -5.35%
Norwegian Cruise Line Holdings Ltd (NCLH) $10.92 -5.29%
Under Armour Inc. Class A (UAA) $8.51 -5.18%
Meta Platforms Inc. (META) $162.91 -4.66%
Nvidia Corp. (NVDA) $151.14 -4.57%
TripAdvisor Inc. (TRIP) $17.56 -4.57%
Under Armour, Inc. (UA) $7.60 -4.52%
Nasdaq 100 - Risers
Kraft Heinz Co. (KHC) $38.79 1.09%
Fastenal Co. (FAST) $50.97 0.65%
Mondelez International Inc. (MDLZ) $62.70 0.42%
Amgen Inc. (AMGN) $249.34 0.35%
Gilead Sciences Inc. (GILD) $62.95 0.18%
O'Reilly Automotive Inc. (ORLY) $658.87 0.15%
Celgene Corp. (CELG) $108.24 0.00%
Alexion Pharmaceuticals Inc. (ALXN) $182.50 0.00%
Shire Plc Ads (SHPG) $179.20 0.00%
Xilinx Inc. (XLNX) $194.92 0.00%
Nasdaq 100 - Fallers
Wynn Resorts Ltd. (WYNN) $51.92 -8.04%
Trip.com Group Limited (TCOM) $24.11 -7.82%
Mercadolibre Inc. (MELI) $665.18 -6.13%
Baidu Inc. (BIDU) $143.24 -6.01%
Meta Platforms Inc. (META) $162.91 -4.66%
NetEase Inc. Ads (NTES) $86.74 -4.66%
Nvidia Corp. (NVDA) $151.14 -4.57%
JD.com, Inc. (JD) $59.18 -4.56%
Netflix Inc. (NFLX) $180.36 -3.54%
Paypal Holdings Inc (PYPL) $70.87 -3.49%