NEW YORK (Businesshala) – US stocks ended a choppy session on Monday as investors panicked ahead of the third-quarter earnings reporting season.
Supply chain problems and higher costs for energy and other things have raised concerns about earnings, JPMorgan Chase & Co.’s results began on Wednesday.
The index reversed early gains, and shares of JPMorgan were down and among the biggest drags on the S&P 500, while the S&P Financial Index was even lower.
According to preliminary data, the S&P 500 lost 30.56 points, or 0.70%, to 4,360.78, while the Nasdaq Composite was down 95.94 points, or 0.66%, at 14,483.60. The Dow Jones Industrial Average fell 252.12 points, or 0.73%, to end at 34,494.13.
“I was surprised to see the market this morning because earnings season is right ahead of us, and the market is a little cautious this earnings season,” said Tim Griskey, chief investment strategist at Inverness Counsel in New York.
“Supply chain issues may have affected earnings more for many companies and some industries than others.”
Another period of strong US profit growth is forecast from next week as Corporate America inflows report third-quarter earnings, according to IBES data, with analysts reporting a 29.6% year-over-year increase in profit for S&P 500 companies in the third quarter. growth is expected. From Refinitiv until Friday.
But earnings are shaping up to be significant for investors worried about the impact of supply disruptions and inflationary pressures on US companies, and there could be more volatility on Wall Street after September.
Energy was also down after hitting the highest level since January 2020. Higher oil prices have raised concerns about rising costs for businesses and consumers.
Some trade may be affected by the US Columbus Day holiday, with US bond markets closed on Monday.
In individual stocks, Southwest Airlines Co. slipped on a report that it canceled at least 30% of its scheduled flights on Sunday.