Stocks inch lower as Wall Street awaits earnings

By Stocks FOXBusiness


Stocks inched away from their all-time highs on Monday, kicking off a busy week in corporate earnings.

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The Dow Jones Industrial Average fell 8.02 points, or 0.04%, to 21,629, breaking a streak of three straight record closes. The S&P 500 ticked less than a point lower to 2,459.

The Nasdaq Composite rose 1.97 points, or 0.03%, to 6,314 on a choppy day of trading in tech stocks. The tech-heavy Nasdaq traded above its current closing high of 6,321.76 earlier in the session.

BlackRock (BLK), the world’s largest investment management firm, dropped 3.4% after reporting a second-quarter profit that missed Wall Street’s estimate. Netflix (NFLX) is scheduled to report quarterly earnings after the closing bell.

Blue Apron (APRN) was another big mover during the session. The meal kit provider tumbled 10.5% to its lowest levels since making its public debut in June, as investors reacted to news of a potential competing service from e-commerce giant (AMZN).

FedEx (FDX) was down 1.6% following its disclosure that a recent cyber-attack on its TNT Express subsidiary will have a material impact on the shipping company’s full-year results.

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Wall Street rallied to new records on Friday in the wake of disappointing economic data, which was viewed as a sign that the Federal Reserve could delay its plans for another interest rate hike later this year. The central bank is also preparing to cut its $4.5 trillion portfolio. But Fed Chairwoman Janet Yellen recently told lawmakers that the Fed would consider resuming its bond purchases if the economic outlook weakens.

On a quiet day for U.S. economic data on Monday, China took center stage. The Chinese economy grew faster than expected in the second quarter, as GDP jumped 6.9% compared to the same period last year.

The 10-year Treasury yield slipped to 2.306% from 2.319%.

Nymex West Texas Intermediate oil fell 52 cents, or 1.1%, to $46.02 a barrel. Brent crude, the international benchmark, was trading 0.9% lower at $48.47 a barrel.

Gold settled at its highest level in more than two weeks, climbing $6.20, or 0.5%, to $1,233.70 a troy ounce.

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