Stocks slip as JPMorgan, Goldman fall ahead of earnings

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Fox Business 11 October, 2021 - 06:55am

Stocks edge lower as Wall Street prepares for earnings

CNBC 11 October, 2021 - 01:48pm

The S&P 500 fell 0.3% as of 2:40 p.m. Eastern after rising as much as 0.6% earlier. The Dow Jones Industrial Average fell 146 points, or 0.4%, to 34,593 and the Nasdaq also fell 0.1%.

The price of U.S. crude oil rose 1.5% to over $80 a barrel.

Bond trading was closed for the Columbus Day holiday.

Investors are looking ahead to the beginning of company earnings this week. Analysts have said that the latest round of corporate results could help give the market more direction after several choppy weeks. Stocks have been swaying between between gains and losses as investors try to better gauge the direction of the economic recovery through the rest of the year.

Banks will be among the first big companies to report their latest financial results and give investors more insight into how companies are faring amid concerns over the lingering virus pandemic and rising inflation.

JPMorgan Chase delivers its results on Wednesday. Bank of America, Wells Fargo and Citigroup will report results on Thursday.

Delta Air Lines will report its latest results on Wednesday. The airline industry is still struggling to recover from the pandemic shutdowns that began 18 months ago. Investors will be closely monitoring the industry's results to see how much of an impact the summer surge of COVID-19 cases had on the industry.

Wall Street faced a quiet day of corporate news ahead of earnings. Southwest Airlines fell 3.3% after dealing with hundreds of flight cancellations over the weekend. Toymaker Hasbro fell 0.8% after announcing that CEO Brian D. Goldner is taking a medical leave of absence.

Investors are also looking ahead to economic data this week that could shed more light on what's going on with inflation. The Labor Department will release its Consumer Price Index on Wednesday and its Producer Price Index on Thursday. The reports detail pressure from inflation on consumers and businesses.

Companies from a wide range of industries have warned investors that supply chain problems and higher raw materials costs could crimp their financial results for the rest of the year. Wall Street is closely monitoring whether those higher costs and resulting higher prices for goods will hurt consumer spending, which is a key driver of economic growth.

Inflation will likely remain the dominant theme swirling over markets through 2021 and into 2022, said Jay Hatfield, CEO of Infrastructure Capital Advisors. The upcoming Consumer Price Index data on Wednesday is likely going to be hotter than Wall Street expects, he added.

“Right when you’re going into earnings you have this CPI bomb that could go off,” he said. “We have a demand problem and a supply problem; there are too many dollars chasing too few goods.”

Damian J. Troise, The Associated Press

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Stocks slide a bit to start the week, Dow sheds 200 points

CNBC 10 October, 2021 - 05:03pm

U.S. stocks churned to start the week Monday as investors weighed surging oil prices, economic worries and major third-quarter earnings results ahead.

The Dow Jones Industrial Average shed about 205 points, or 0.6%. The blue chip average was up more than 200 points at its intraday high. The S&P 500 ticked down 0.5%. The Nasdaq Composite traded 0.4% lower.

"What we're seeing right now is the market trying to grapple and come to terms with how to interpret all these inputs," Plexo Capital Managing Partner Lo Toney said on CNBC's "TechCheck." "It's going to take a little bit of time for things to settle out."

U.S. oil benchmark WTI crude oil topped $82 a barrel at its session highs before trading around $80 Monday. The surging prices added to looming concerns about inflation.

"High or rapid increase in energy costs have triggered recessions in the past and there is a possibility that history could repeat itself if energy prices continue to rise. Higher energy prices result in lower disposable income for consumers," Bernstein's Neil Beveridge said in a Monday note.

Energy stocks gained for most of the session as oil prices jumped, but also rolled over with the broader market into the close.

Meanwhile, Goldman on Monday cut its U.S. economic growth forecast. The firm lowered its 2022 growth estimate to 4% from 4.4% and took its 2021 estimate down a tick to 5.6% from 5.7%. The firm cited the expiration of fiscal support from Congress and a slower-than-expected recovery in consumer spending, specifically services.

"For activities like going to a movie theater, many individuals don't anticipate resuming normal spending patterns for at least another 6 months, suggesting a full normalization in economic activity may take some time," Goldman economist Joseph Briggs said in a note.

This week, major banks will kick off their third-quarter earnings reports. JPMorgan posts results Wednesday, with Goldman Sachs, Bank of America, Morgan Stanley, Wells Fargo and Citigroup following later in the week. Delta Airlines and Walgreens Boots Alliance reports are also on deck.

Investors will be looking for insights into supply chain challenges, particularly going into the holiday shopping season.

Analysts estimate an earnings growth rate of 27.6% for the S&P 500 in the third quarter, which would be the third-highest growth rate since 2010.

After a 4.8% loss in September, the S&P 500 is up more than 1% for the month of October and sits more than 3% from its record.

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