U.S. stocks ended lower on Monday with investors largely making cautious moves as they looked ahead to earnings season and the release of some crucial economic data this week.
Despite the pace of vaccination gathering momentum in the U.S., worries about a surge in coronavirus cases in several countries across the world and likelihood of fresh lockdown measures at several places weighed on sentiment.
A lack of fresh triggers after the market rose to record highs last week contributed as well to the somewhat sluggish movements in the market.
The major averages all ended in negative territory although the downside was not any significantly pronounced. The Dow ended down 55.20 points or 0.16 percent at 33,745.40. The S&P 500 edged down 0.81 points or 0.02 percent to settle at 4,127.99 and the tech-laden Nasdaq settled lower by 50.19 points or 0.36 percent at 13,850.00.
Data on inflation, retail sales and industrial production are due out this week. Fed’s Beige Book, a compilation of economic evidence from the twelve Fed districts also is scheduled this week.
On the results front, major banks including Citigroup (C), JP Morgan (JPM), Bank of America (BAC), Wells Fargo (WFC) and Goldman Sachs (GS) are scheduled to report their first-quarter earnings this week.
Nuance Communications (NUAN) shares rose sharply after Microsoft said it will buy the speech-recognition firm for $19.7 billion, aiming to boost its foray into the healthcare sector.
Tesla Inc (TSLA) share gained about 4 percent, lifted by a rating upgrade by Canaccord.
Wilhelmina shares soared nearly 36 percent. Shares of Celcuity and Lucira Health Inc. shares surged up nearly 30 percent and 27 percent, respectively.
Intel Corporation (INTC) shed more than 4%. Carnival Corporation (CCL) and ViacomCBS In (VIAC) also declined sharply.
In overseas trading, Asian stocks ended lower on Monday, weighed down by a sharp rise in coronavirus infections in the region and likely restrictions on economic activity. The major markets in the region, India, China and Japan, all ended sharply lower.
European stocks ended weak with investors largely making cautious moves after recent rise, and on concerns about a surge in coronavirus cases in several parts of Asia.
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