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A decline in tech shares pushed the major indexes lower on Monday as Wall Street tried to regain its footing after last week's sharp losses.
The Dow Jones Industrials ended a seesaw day by losing 89.44 points, to conclude Monday trading at 25,250.55
The S&P 500 slumped 16.34 points to 2,750.79, as the tech sector fell more than 1.5%
The NASDAQ trailed Friday’s close by 66.15 points to 7,430.74.
Apple and Netflix pulled back more than 1.8% each. Netflix fell after Raymond James slashed its price target on the video-streaming giant.
Apple dropped after Goldman Sachs said the tech giant's earnings could fall short this year as demand in China slows. Amazon, Microsoft and Alphabet also traded lower.
The recent moves come as the latest corporate earnings season kicks into high gear. Netflix, Morgan Stanley, Johnson & Johnson, Procter & Gamble and Honeywell are among the companies scheduled to release third-quarter earnings this week.
Bank of America reported better-than-expected earnings and revenue on Monday. The stock, however, fell 1.9%.
The major indexes registered their worst weekly losses since March last week as interest rates jumped to multiyear highs.
Both the S&P 500 and Dow dropped more than 4% last week. The NASDAQ fell 3.7%. The S&P 500 also posted a third consecutive weekly loss, its longest such streak since June 2016.
Those declines were largely led by technology stocks, which had their worst week since March after falling 3.8% as a sector.
The recent moves come as the latest corporate earnings season kicks into high gear. Netflix, Morgan Stanley, Johnson & Johnson, Procter & Gamble and Honeywell are among the companies scheduled to release third-quarter earnings this week.
Expectations for this earnings season are high. Analysts polled by FactSet expect third-quarter S&P 500 profits to have expanded by 19% on a year-over-year basis.
In data, retail sales rose just 0.1% in September. Economists expected a gain of 0.6%.
Prices for the benchmark for the 10-year U.S. Treasury gained ground, lowering yields to 3.15% from Friday’s 3.16%. Treasury prices and yields move in opposite directions.
Oil prices regained 31 cents at $71.65 U.S. a barrel.
Gold prices hiked $6.90 to $1,230.20 U.S. an ounce.
