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Wall St ends choppy session lower on earnings jitters; financials down

Stock MarketsOct 11, 2021 06:31PM ET
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© Reuters. FILE PHOTO: A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in New York City, New York, U.S., July 19, 2021. REUTERS/Andrew Kelly

By Caroline Valetkevitch

NEW YORK (Reuters) - U.S. stocks ended a choppy session lower on Monday as investors grew nervous ahead of third-quarter earnings reporting season.

Supply chain problems and higher costs for energy and other things have fueled concern about earnings, set to kick off with JPMorgan Chase & Co (NYSE:JPM) results on Wednesday.

Indexes reversed early gains after midday and added to losses just before the close. JPMorgan shares were down 2.1% and among the biggest drags on the S&P 500 along with Amazon.com (NASDAQ:AMZN), which fell 1.3%. The S&P financial index was down 1%, while communication services dropped 1.5%.

"The market is a bit cautious going into this earnings season," said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. "Supply chain issues may have impacted earnings for a number of companies and certain industries more than others."

While another period of strong U.S. profit growth is forecast for Corporate America, earnings are shaping up to be crucial for investors worried about how supply disruptions and inflation pressures will affect bottom lines.

That could lead to more volatility on Wall Street following a bruising September. Analysts expect a 29.6% year-over-year increase in profit for S&P 500 companies in the third quarter, according to IBES data from Refinitiv as of Friday.

The Dow Jones Industrial Average fell 250.19 points, or 0.72%, to 34,496.06, the S&P 500 lost 30.15 points, or 0.69%, to 4,361.19 and the Nasdaq Composite dropped 93.34 points, or 0.64%, to 14,486.20.

The energy sector also ended lower after hitting its highest since January 2020 earlier in the day. Higher oil prices have fed into concerns about rising costs for businesses and consumers.

S&P 500 vs Energy https://fingfx.thomsonreuters.com/gfx/mkt/gdpzywylqvw/MicrosoftTeams-image%20(19).png

Analysts do expect some positive earnings news. "If you're a larger company, you're able to mitigate a lot of these issues," said Christopher Harvey, head of equity strategy at Wells Fargo (NYSE:WFC) Securities in New York.

Managements "have been very cognizant of their budgets and not sacrificing margins." Plus, demand remains strong, he said.

Visa Inc (NYSE:V). was down 2.2% and Mastercard Inc (NYSE:MA) also fell 2.2% among the biggest drags on the S&P 500.

Volume on U.S. exchanges was 8.15 billion shares, compared with the 10.9 billion average for the full session over the last 20 trading days.

Trading may have been slower due to the U.S. federal holiday Monday, with U.S. bond markets shut for the day.

Among individual stocks, Southwest Airlines (NYSE:LUV) Co fell 4.2% on a report that it canceled at least 30% of scheduled flights on Sunday.

Wall St ends choppy session lower on earnings jitters; financials down
 

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Comments (22)
Ten Tse
Ten Tse Oct 11, 2021 11:38PM ET
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Donkeys
Rodney Dangerfield
Rodney Dangerfield Oct 11, 2021 8:09PM ET
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I'm poor and stupid I like NASCAR go Brandon
peter neal
peter neal Oct 11, 2021 7:56PM ET
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8 percent inflation and rising and they are buying 1.2 trillion in bonds and .25 interest rates plus Repos. Anyone see a problem that can't be fixed.
William Smith
William Smith Oct 11, 2021 5:39PM ET
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I'm not worried, Joe's on top of it.
Bayanda Mkhwanazi
Bayanda Mkhwanazi Oct 11, 2021 5:13PM ET
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Are indices going to fall?
William Bailey
William Bailey Oct 11, 2021 4:39PM ET
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Hahahaha . Yep, easing off a cliff
Richard Ellis
Richard Ellis Oct 11, 2021 4:22PM ET
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Ok please somebody tell Jamie Dimon to run his own company JPM rather than playing elitist trying to run the world. Telling people not to invest in Bit Coin is almost as if he passing the word on from the CPP in China. Then telling everybody that the shipping thingy is just a glitch something like Inflation is transitory. In other words Dimon shut your pie hole and run your own business. Ps: I never invested a cent into Bit coin in my life. I believe in letting people do what they want in a free market. Not sure about Dimon!
cedrik marchand
cedrik marchand Oct 11, 2021 3:31PM ET
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omg earning noooooooooo another reason for freaking out
Rafał EN
Rafał EN Oct 11, 2021 1:56PM ET
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Shreyashi Sanyal and Devik Jain don't lie.  Stocks fall today.
Andrew Allen
Andrew Allen Oct 11, 2021 1:40PM ET
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"Wall Street rises" as the stock market falls. Is anyone still under the illusion that media corporations are not propagandists? If stock indexes were actually up today, what are the odds articles would be written with headlines stating, "Wall Street falls" ?!?! Error is always on the side of the State Religion. Perfectly Safe and Effective! Shockingly Effective! If you don't hear it from our State Officials, it's not The Truth™!!
Mark Stallone
Mark Stallone Oct 11, 2021 1:10PM ET
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Wall Streets down. Update your title. Also.. Let's go Brandon.
the daber is awesome
the daber is awesome Oct 11, 2021 1:10PM ET
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let's go Brandon
Rodney Dangerfield
Rodney Dangerfield Oct 11, 2021 1:10PM ET
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if only we were all poor and stupid enough to like NASCAR lol
William Bailey
William Bailey Oct 11, 2021 12:46PM ET
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Fallimg again…darn
ben sc
ben sc Oct 11, 2021 12:24PM ET
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oh inflation isn't transitory? so was the Fed wrong or lying? it has to be one or the other and it looks increasingly like they were lying and for political purposes.
William Bailey
William Bailey Oct 11, 2021 12:24PM ET
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Wrong and lying
Andrew Allen
Andrew Allen Oct 11, 2021 12:24PM ET
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Watch recent interviews with Ben Bernanke. He admits that when he was Fed Chairman, he knew the sub-prime real estate market was a problem for the economy as a whole, but was forced to lie about his knowledge of it out of fear he would cause a financial crisis. They always lie and claim it is for our own good. It is actually always for THEIR own good. Everyone gets re-elected and promoted
Casino Crypt
CasinoCrypt Oct 11, 2021 11:56AM ET
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Italian Industrial Production went backwards in Aug and to zero YoY yet they still need to pay back the bonds on spiking yields . Commercial real estate is collapsing here in Ontario but lets keep pumping this market.
Stan Smith
Stan Smith Oct 11, 2021 11:22AM ET
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Current Stock increases are a  ruse to secure more bag holders: 20% inflation is coming...get out of the Ponzi and into real assets before its too late
Steffen vdm
Steffen vdm Oct 11, 2021 11:22AM ET
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Buy stamps everyone!!
Stan Smith
Stan Smith Oct 11, 2021 11:22AM ET
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Steffen vdm Real Estate and Gold 'more on'
Casino Crypt
CasinoCrypt Oct 11, 2021 11:22AM ET
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Real ( hidden )  inflation is about 40% already. They just dont measure it . Ticking time bomb.
Ebony mystique
Ebony mystique Oct 11, 2021 11:10AM ET
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Ricardo Diogo
Rcd72 Oct 11, 2021 9:59AM ET
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FED is destroying the economy
Stan Smith
Stan Smith Oct 11, 2021 9:59AM ET
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by design..."who could have seen this coming"...lol
William Smith
William Smith Oct 11, 2021 9:59AM ET
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Hope you didnt just figure this out.
Ricardo Diogo
Rcd72 Oct 11, 2021 9:58AM ET
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120B monthly money printing and wasting is driving prices higher to ATHAl, Cu cotton wood gas oil soybean....all is going to ATH ...
Tyrone Jackson
Tyrone Jackson Oct 11, 2021 9:47AM ET
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Thank you liberals, went long oil because I have seen this many times in my lifetime. I will be rich because of you voting in Biden $$$$. Oil to 95 easy.
James Pattison
James Pattison Oct 11, 2021 9:47AM ET
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Around 85$ the economy will crash
Alberto Vazquez
Alberto Vazquez Oct 11, 2021 8:29AM ET
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I love oil. Drill baby. Let's go Brandon!!!
Miles Mathewson
Miles Mathewson Oct 11, 2021 8:16AM ET
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Wasn't the world prepping to stop using oil ?  Nice to see how dependent on OIL the world still is !!!!
Steffen vdm
Steffen vdm Oct 11, 2021 8:16AM ET
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Most people criticizing oil and oil companies have no clue how oil dependant they are themselves
Joel Schwartz
Joel Schwartz Oct 11, 2021 8:16AM ET
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OPEC is a cartel. The world could go 95% electric and oil would still be expensive for no reason.
Keith Wilson
Keith Wilson Oct 11, 2021 8:15AM ET
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Voting has consequences. Wait until the corporate tax is raised
James Pattison
James Pattison Oct 11, 2021 8:15AM ET
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Tell it to the dead people that voted… let go brandon!
 
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