US open: Stocks in the red as April sell-off continues
Wall Street stocks were in the red yet again on Monday amid an ongoing market sell-off that has seen the Dow Jones put on a losing performance in four-straight weeks.
As of 1525 BST, Dow Jones Industrial Average was 1.13% weaker at 33,427.71, while the S&P 500 was 1.18% weaker at 4,221.49 and the Nasdaq Composite started out the session 0.49% softer at 12,776.75.
The Dow opened 383.69 points lower on Monday, extending losses recorded at the end of last week as market participants continued to mull over the likelihood of interest rate rises.
Fears regarding a fresh Covid-19 outbreak in China were weighing on sentiment at the open and leading to West Texas Intermediate falling over 5% to around $96.96 per barrel and the yield on the benchmark 10-year Treasury note sliding to 2.794% in early trade.
Investors were also gearing up for a big week of earnings from major tech companies like Amazon, Apple, Alphabet, Meta Platforms and Microsoft.
As far as today's corporate headlines go, Tesla boss Elon Musk appeared to be closer to winning over the board of Twitter with his announcement that he had lined up $46.5bn, or $54.20 on a per share basis, in financing to take over the social media giant. Progress was made at talks between both sides on Sunday and a deal might materialise as soon as this week, although it was not guaranteed that would happen, according to the Wall Street Journal.
In terms of earnings, Coca-Cola beat first-quarter earnings projections with an EPS of $0.64 per share on revenues of $10.5bn, up 16% and ahead of the $9.83bn expected on the Street. Despite the cessation of its Russian unit, Coca-Cola also reiterated full-year guidance for revenue growth of 7-8% and comparable earnings per share growth of 5-6%.
Still to come, Whirlpool will report after the close of trading.
On the macro front, the Chicago Federal Reserve's national activity index fell from 0.54 in February to 0.44 in March, the lowest reading in three months.
Dow Jones - Risers
Johnson & Johnson (JNJ) $182.93 0.77%
Coca-Cola Co. (KO) $65.72 0.72%
Dowdupont Inc. (DWDP) $30.52 0.00%
Honeywell International Inc. (HON) $230.94 0.00%
Salesforce.Com Inc. (CRM) $170.92 -0.30%
Merck & Co. Inc. (MRK) $84.33 -0.31%
Intel Corp. (INTC) $46.35 -0.41%
McDonald's Corp. (MCD) $248.94 -0.49%
Microsoft Corp. (MSFT) $272.65 -0.50%
Amgen Inc. (AMGN) $248.88 -0.59%
Dow Jones - Fallers
Verizon Communications Inc. (VZ) $50.25 -3.20%
Dow Chemical Co. (DOW) $66.45 -2.99%
Chevron Corp. (CVX) $156.28 -2.90%
Walgreens Boots Alliance, Inc. (WBA) $44.47 -2.34%
Nike Inc. (NKE) $126.14 -2.27%
Boeing Co. (BA) $173.32 -2.03%
JP Morgan Chase & Co. (JPM) $124.41 -1.89%
Caterpillar Inc. (CAT) $212.59 -1.72%
Unitedhealth Group Inc. (UNH) $512.31 -1.66%
Apple Inc. (AAPL) $159.41 -1.47%
S&P 500 - Risers
Twitter Inc (TWTR) $50.77 3.76%
Gap Inc. (GPS) $12.16 3.75%
Universal Health Services Inc. (UHS) $135.94 2.26%
Advanced Micro Devices Inc. (AMD) $89.68 1.75%
Fortinet Inc. (FTNT) $308.58 1.41%
Equifax Inc. (EFX) $205.29 0.83%
Johnson & Johnson (JNJ) $182.93 0.77%
Coca-Cola Co. (KO) $65.72 0.72%
Paypal Holdings Inc (PYPL) $86.62 0.69%
Equinix, Inc. (EQIX) $749.86 0.60%
S&P 500 - Fallers
Schlumberger Ltd. (SLB) $38.80 -6.84%
National Oilwell Varco Inc. (NOV) $17.73 -6.81%
Helmerich & Payne Inc. (HP) $42.84 -6.34%
Mosaic Company (MOS) $62.60 -6.25%
FMC Technologies Inc. (FTI) $7.69 -6.11%
Halliburton Co. (HAL) $35.66 -5.39%
Diamondback Energy Inc. (FANG) $123.14 -5.35%
HF Sinclair Corporation (DINO) $35.92 -5.30%
Occidental Petroleum Corp. (OXY) $53.64 -5.26%
IQVIA Holdings Inc. (IQV) $216.30 -5.20%
Nasdaq 100 - Risers
Biomarin Pharmaceutical Inc. (BMRN) $82.20 2.11%
Mercadolibre Inc. (MELI) $993.01 1.35%
NetEase Inc. Ads (NTES) $86.50 0.75%
Paypal Holdings Inc (PYPL) $86.62 0.69%
JD.com, Inc. (JD) $52.35 0.60%
Intuitive Surgical Inc. (ISRG) $253.63 0.51%
Align Technology Inc. (ALGN) $362.20 0.45%
Lam Research Corp. (LRCX) $465.03 0.41%
Alphabet Inc. Class C (GOOG) $2,401.00 0.36%
Booking Holdings Inc. (BKNG) $2,221.82 0.36%
Nasdaq 100 - Fallers
Trip.com Group Limited (TCOM) $20.25 -7.20%
Wynn Resorts Ltd. (WYNN) $70.80 -3.28%
Asml Holdings N.V. (ASML) $589.33 -3.01%
Illumina Inc. (ILMN) $313.46 -2.85%
Costco Wholesale Corp. (COST) $555.91 -2.76%
American Airlines Group (AAL) $19.64 -2.67%
Hologic Inc. (HOLX) $72.04 -2.56%
Take-Two Interactive Software Inc. (TTWO) $133.04 -2.47%
Broadcom Inc. (AVGO) $572.62 -2.44%
Walgreens Boots Alliance, Inc. (WBA) $44.47 -2.34%