Stock market today: Dow slips as S&P 500, Nasdaq wobble with flood of earnings ahead

Yahoo Finance’s Jennifer Schonberger stories:

Dallas Fed president Lorie Logan reiterated Monday she sees decreasing rates of interest “steadily,” citing an elevated danger that the job market might worsen and a hazard that inflation might nonetheless warmth up once more.

“If the financial system evolves as I presently count on, a method of steadily decreasing the coverage fee towards a extra regular or impartial degree can assist handle the dangers and obtain our objectives,” Logan mentioned in a speech on the Securities Trade and Monetary Markets Affiliation annual assembly in New York.

Logan mentioned the financial system is “robust and steady” however that “significant uncertainties” stay within the outlook.

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Nvidia (NVDA) climbed greater than 1.5% on Monday, serving to mitigate a much bigger decline within the Nasdaq Composite (IXIC).

Shares of the AI chip heavy weight rose to hover above $140 every, briefly touching an intraday excessive of $141.

The Nasdaq was buying and selling close to the flatline as Nvidia rose.

The main averages opened barely decrease on Monday as traders await a recent batch of earnings this weeek.

The S&P 500 (^GSPC) dropped roughly 0.2%, coming off a recent all-time closing excessive whereas the Dow Jones Industrial Common (^DJI) edged 0.1% decrease. The tech-heavy Nasdaq Composite (IXIC) shed 0.2%.

A recent batch of quarterly outcomes will roll on this week together with Tesla (TSLA) on Wednesday, Normal Motors (GM), Coca-Cola (KO), American Airways (AAL), and UPS (UPS) are amongst a number of different huge names on the earnings docket this week.

Boeing (BA) inventory jumped as a lot as 4.5% in Monday’s premarket on information that the plane producer has reached a tentative labor take care of staff who’ve been on strike for multiple month.

The contract would increase pay 35% over 4 years and enhance Boeing’s 401(okay) contributions, however it could not reinstate pension plans — a significant union demand. Analysts estimate the contract might result in a further $1 billion in wage-related bills for the corporate.

The union will vote on the contract on Wednesday, the identical day Boeing stories its quarterly earnings. Analysts count on the airplane maker to report a loss per share of $1.50, based on Bloomberg consensus estimates.

Boeing has struggled since an airplane half ripped off one in every of its 737 Max 9 planes throughout a flight in January. Shares are down over 40% this 12 months.

Of the Wall Avenue analysts masking the inventory tracked by Bloomberg, some 19 advocate shopping for shares, whereas 11 have a Maintain ranking, and three say to promote. On common, analysts see Boeing shares rising to about $192 every over the subsequent 12 months, implying a greater than 20% achieve.