Stocks pare losses in volatile session
U.S. stocks see-sawed Monday between sharp losses and modest gains as investors gauged higher interest rates and overseas weakness with the impending earnings season, which should provide more good news about companies' bottom lines.
The Dow Jones Industrial Average rose 39.73 points, or 0.15 percent, to 26,486.78. The S&P 500 fell 1.14 points to 2,884.43. The Nasdaq Composite was down 52.5 points, or 0.67 percent, at 7,735.95.
Volatility ticked higher, potentially due to the Columbus Day holiday, which may mean equity trading is lighter than a typical Monday.
Shares in Asia were hard hit as Chinese investors returned from a holiday and sold off shares amid trade tensions between Beijing and Washington.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 44782 | -128.65 | -0.29% |
| SP500 | S&P 500 | 6047.15 | +14.77 | +0.24% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19403.947849 | +185.78 | +0.97% |
Stateside, stocks have been under pressure from climbing bond yields, with the 10-year Treasury yield rising to an 11-year high last week.
U.S. investors will also turn their attention to corporate earnings. This week marks the kickoff of earnings season, with the big banks reporting on Friday. Expectations are lofty heading into this season. Goldman Sachs analysts said they expect the pattern on stellar results that companies reported during the first and second quarters of this year will continue. According to research notes provided by the investment bank, consensus expectations are for the S&P 500 to grow third-quarter earnings per share by 21 percent on a year-over-year basis, a slight deceleration from the 26 percent earnings growth experienced in the second quarter
In commodities, oil was slightly lower, settling at $74.29 a barrel, following a Reuters report that the Trump administration is considering waivers on crude oil sanctions for countries that are reducing Iranian oil imports.
Monday the bond market was closed for Columbus Day.
FOX Business’ Ken Martin contributed to this article.