U.S. 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 AVERAGES||31500.68||+823.32||+2.68%|
|I:COMP||NASDAQ COMPOSITE INDEX||11607.620416||+375.43||+3.34%|
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||71.55||+0.93||+1.32%|
|XLV||HEALTH CARE SELECT SECTOR SPDR ETF||129.22||+2.12||+1.67%|
|XLK||TECHNOLOGY SELECT SECTOR SPDR ETF||133.48||+4.67||+3.63%|
|XLY||CONSUMER DISCRETIONARY SELECT SECTOR SPDR ETF||146.93||+5.34||+3.77%|
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.||8.62||+0.47||+5.77%|
|SAVE||SPIRIT AIRLINES INC.||24.54||+0.71||+2.98%|
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.||283.83||+8.63||+3.14%|
|BJ||BJS WHSL CLUB HLDGS INC||65.42||+3.83||+6.22%|
|ROST||ROSS STORES INC.||77.53||+3.55||+4.80%|
|FL||FOOT LOCKER INC.||29.47||+0.46||+1.59%|
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.
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.
In energy trading, benchmark U.S. 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.
The Associated Press contributed to this report.