US stocks trimmed losses ending the session mixed ahead of a barrage of earnings from the nation’s biggest retailers and as oil prices ticked higher.
|I:DJI||DOW JONES AVERAGE||32223.42||+26.76||+0.08%|
|I:COMP||NASDAQ COMPOSITE INDEX||11662.790708||-142.21||-1.20%|
The Dow Jones Industrial Average notched a modest 0.08% gain by adding over 27 points. Meanwhile, the Nasdaq Composite slipped 1.2% and the S&P 500 0.4%. Energy and health care stocks rose, while discretionary and technology lagged within the S&P’s largest groups.
|XLE||ENERGY SELECT SECTOR SPDR ETF||82.91||+2.13||+2.64%|
|XLV||HEALTH CARE SELECT SECTOR SPDR ETF||129.56||+0.96||+0.75%|
|XLK||TECHNOLOGY SELECT SECTOR SPDR ETF||134.64||-1.22||-0.90%|
|XLY||CONSUMER DISCRETIONARY SELECT SECTOR SPDR ETF||149.03||-3.29||-2.16%|
The team at Goldman Sachs, led by David Kostin, warned the S&P 500 could fall another 10% from current levels.
In deal news, JetBlue disclosed it will take its offer for Spirit Airlines directly to shareholders.
|JBLU||JETBLUE AIRWAYS CORP.||9.45||-0.61||-6.06%|
|SAVE||SPIRIT AIRLINES INC.||19.29||+2.32||+13.67%|
And McDonald’s announced it will exit Russia, selling all of its company-owned shops, which will incur a charge of about $1.4 billion.
Twitter shares dipped for a seventh session now down over 20% during the time frame.
Among the big names reporting will be Walmart and Home Depot on Tuesday; Target, Lowes and TJX Companies on Wednesday; Ross Stores, BJ’s Wholesale Club, and Kohl’s on Thursday; and Foot Locker on Friday morning.
|HD||THE HOME DEPOT INC.||295.99||-0.04||-0.01%|
|BJ||BJS WHSL CLUB HLDGS INC||64.33||+1.99||+3.19%|
|RUST||ROSS STORES INC.||91.81||-0.25||-0.27%|
|FL||FOOT LOCKER INC.||30.43||+0.65||+2.18%|
Investors will pay close attention to the numbers, and especially guidance, for clues about the health of the consumer and the impact that inflation pressures, supply-chain constraints and a tight labor market are having on profitability.
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To date, 459 companies in the S&P 500, or just over 90% of the benchmark index, have posted January through March results, with the numbers coming in well ahead of forecasts.
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In energy trading, benchmark US crude rose over 3% to $114.20 per barrel, while Brent, the international benchmark, rose over 2% to $114.24.
In cryptocurrencies, Bitcoin hovered below the $30,000 level.
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The Associated Press contributed to this report.