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

Published 04/13/2020, 06:23 AM
Updated 04/13/2020, 04:50 PM
© 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.

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.

Latest comments

Keep buying
Futures will be flat until banks report tomorrow then all bets are off 😳
these articles dont even last 30 minutes
Now let's sprinkle some hurricanes and maybe a couple flash floods for good measure
I don't think we'll retest the low. I wish I'd bought in mid March instead of listening to all the gloom. thankfully my Amazon holdings have kept me from drowning.
Still not sure that You are right. Some made good point. We are in the middle of typhoon and You will be able to see damage after typhoon, not now.
we will make new lows
new lows are new opportunities. fine with that!
Time to change headline can’t you learn? “Market” has no corelation with economy just FED and PPT buying up futures and any downtick
Futures will be green within 30 minuites and continue trending up for the rest of the day, and rest of the year. It's fake, but it always up none the less.
keith honestly i know what u saying. i dont challenge the mkt the last 3 years. but when everyone starts to think that nothing can bring the mkt down. the reverse will take place. complacent can be in both ways.
yes, you do have a point. This current bounce started when everyone was convinced we were about to retest lows. The problem is, I don't think enough people are convinced it can't go down. Everyone seems to still be looking for a new low based in economic data, they will be confused when we keep grinding higher as data gets worse. 16 million jobless claims and we are in the middle of a bull run. How does that happen?
..I m agree with you !!
no futures retreat because we hit 50% retracement.
50% retracement on it's was to 100% retracement.
Earnings won't matter a bit. They should just skip earnings for the next two quarters. During that time if earnings are as bad as expectations, or worse, the market will grind higher because the market will not care. I they are slightly better than expected, the market will fly higher. The market can't lose.
It's up 50% from it's low. How high does it need to go before it's a bull run? Regardless, with initial claimed coming in quite a bit higher than the grim numbers expected, why is it going up any amount? We should have made new lows by now, but here we are 50% off the low. I'm not making any if that up, it's right there in front of you. The only thing that will take this market back down to the lows is if there is a resurgence of infections.
Lots of people here have wishful thinking for a drop because they panicked and sold out near the bottom. The Trump pump team will print $$ to no end to boost Trump's stock market. Have you ever heard, don't fight the fed?
and you'll just continue crawling on your hands and knees picking up crumbs like a good little whipping boy won't you?
my Prediction is that DowJones will down 20 % till 23.4.2020. as a string of poor results coupled with a wave of second string of coronavirus cases to slam the market again. market to resume rally post June 😁end
down 25% till 6 May after Apple Announces the results on 5 May.
&quot;I don't see any correlation of all green gains and reality at ground level&quot;. That's because the market doesn't work on reality. I creates it's own reality. It's our job to follow it's reality, not it's to follow our's.
yes that is truth but it shouldn’t be a truth.
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