Investor Strategy

Wall Street slides as investors brace for dour earnings




imageStock Markets8 hours ago (Apr 13, 2020 04:50PM ET)
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(C) Reuters. The New York Stock Exchange building is seen in New York City

By Caroline Valetkevitch

NEW YORK (Reuters) – The Dow and S&P 500 fell on Monday after last week’s strong gains, as U.S. companies prepared to kick off a quarterly earnings season expected to be rough due to the coronavirus pandemic, while Amazon.com (O:AMZN) gains helped the Nasdaq end higher.

The Nasdaq registered its first three-day streak of gains since Feb. 12.

The S&P banking subsector <.spxbk> fell, with JPMorgan Chase & Co (N:JPM) and Wells Fargo & Co (N:WFC) set to report on Tuesday and analysts expecting a bleak outlook for the year. </.spxbk>

Volume was lighter than usual with European and other markets still closed following Easter Sunday, but investors “also are facing another phase for the market, and that is the earnings season,” said Quincy Krosby, chief market strategist at Prudential Financial (NYSE:PRU) in Newark, New Jersey.

The Dow Jones Industrial Average (DJI) fell 328.6 points, or 1.39%, to 23,390.77, the S&P 500 (SPX) lost 28.19 points, or 1.01%, to 2,761.63 and the Nasdaq Composite (IXIC) added 38.85 points, or 0.48%, to 8,192.43.

Dow, S&P 500 slide as focus shifts to earnings; Nasdaq gains

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