THE Dow and S&P 500 retreated from records on Monday as treasury bond yields rose in the first session of a heavy week of earnings reports.
“Perhaps the market is reacting to higher bond yields and higher oil prices,” Jack Ablin, chief investment officer of Cresset Capital Management, said of the mostly down session.
The Dow Jones Industrial Average finished down 0.8 per cent at 42,931.60.
The broad-based S&P 500 declined 0.2 per cent to 5,853.98, while the tech-rich Nasdaq Composite Index added 0.3 per cent at 18,540.01.
Analysts described a relatively light day in terms of economic news, with the main story that China’s central bank had cut two key interest rates in a move to stimulate the economy.
Ablin said many investors are “sitting tight” with the US presidential election now in its home stretch.
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“It just seems like an awkward time to be making big bets,” he said. “We’ll know a lot more in two weeks we hope.”
Among individual companies, Boeing rose 3.1 per cent after labor negotiators agreed to present a new contract to 33,000 Seattle-area workers, potentially resolving the month-long machinist union strike.
Disney shed 0.6 per cent after announcing that it plans to name a new CEO in early 2026. The company named former Morgan Stanley chief James Gorman as chairperson, replacing former Nike CEO Mark Parker.
This week’s earnings calendar includes reports from General Motors, Boeing, UPS and Tesla. AFP