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The Dow Jones Industrial average fell slightly to start a big week of earnings for the market, while traders kept an eye on surging rates and commodities.
The blue-chip index came closer to the breakeven point by session’s end, but still lost 39.54 points to 34,411.69.
The S&P 500 slipped 0.9 points to 4,391.89
The NASDAQ Composite dropped 18.72 points to 13,288.36.
Mega cap tech including Meta Platforms, Amazon, Microsoft and Alphabet finished the day higher after wavering back and forth over the flat line throughout the trading session.
Charles Schwab was the top decliner in the S&P, posting a 9.4% loss after the discount broker reported weaker-than-expected earnings and revenue for the first quarter. Bank of New York Mellon shares fell 2.2% after the company reported lower profits for the first quarter.
Bank of America’s quarterly results, reported Monday, showed a 13% year-over-year drop in earnings per share, though the results were slightly higher than expected.
The stock gained 3.4%, helping shares of fellow big banks JPMorgan Chase and Wells Fargo rise more than 1% each.
Technology bellwethers are set to report quarterly earnings this week, with Netflix due on Tuesday and Tesla out on Wednesday. Snap reports Thursday.
United Airlines, American Airlines and Alaska Air are also on the calendar, as are railroads CSX and Union Pacific. Several Dow blue-chip names also report earnings this week, including IBM, Procter and Gamble, Travelers, Dow Inc, Johnson and Johnson, American Express and Verizon.
Earnings season is off to an OK start with 81.5% of S&P 500 companies reporting earnings per share above expectations.
Elsewhere, Twitter shares were up 7.4% at $48.45 per share. The move came after Twitter announced Friday that the board adopted a limited duration shareholder rights plan, often referred to as a “poison pill” as Elon Musk tries to buy the company.
Treasury prices dipped, raising yields however slightly, to 2.84%, from Thursday’s 2.83%. Treasury prices and yields move in opposite directions.
Oil prices increased 96 to $107.91 U.S. a barrel.
Gold prices hiked $5.10 to $1,980 U.S. an ounce.
