SFTC:CC - NASDAQ Slumps Ahead of Big Tech Earnings
The NASDAQ Composite slipped on Monday as investors awaited the release of a slew of corporate earnings reports from big technology companies and fresh economic data.
The Dow Jones Industrials recovered 66.44 points to 33,875.40.
The S&P 500 gained 3.52 points to 4,137.04.
The NASDAQ came off its lows of the day, but was still 35.25 points below Friday's close at 12,037.20.
Wall Street is looking ahead to mega-cap tech earnings results this week in what will mark the halfway point of earnings season. Alphabet, Microsoft, Amazon and Meta are among the high-interest names scheduled to announce their results for the first quarter.
Roughly 76% of S&P 500 companies that have reported earnings through Monday morning beat analyst earnings estimates, according to FactSet data. However, first-quarter earnings for S&P 500 companies are estimated to decline an overall 5.2%.
Communication services and information technology stocks within the S&P 500 have posted the biggest year-to-date gains of the index's 11 total sectors, communication adding more than 19% and tech picking up 18%.
Prices for the 10-year Treasury gained ground, lowering yields to 3.50% from Friday's 3.57%. Treasury prices and yields move in opposite directions.
Oil prices regained 88 cents to $78.75 U.S. a barrel.
Gold prices regained $8.20 to $1,998.70 U.S. an ounce.