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S & P 500, Nasdaq edge higher than earnings season looms by Reuters




© Reuters. Traders work on the floor at NYSE in New York

By Stephen Culp

NEW YORK (Reuters) – The and the Nasdaq are on the positive territory on Monday, with gains held in the check by falling industrialists as investors braced for what Analysts are now expecting to be the first quarter of contracting earnings since 2016.

While the Dow finished the session lower, the S & P 500 extended its winning streak. "We've been in an expansion for a long time, this is a late-cycle mentality," said Charlie Ripley, senior market strategist. for Allianz (DE 🙂 Investment Management in Minneapolis. "Typically, we see equity going well towards the end of the cycle."

First-quarter reporting period begins in earnest, with Delta Airlines (NYSE :), JPMorgan Chase & Co (NYSE 🙂 and Wells Fargo (NYSE 🙂 & Co results due this week.

The January-March profit for S & P 500 companies is foreclosed by 2.3% from last year, according to Refinitiv data.

Investors are also grappling with the growing signs of a global economic slowdown.

"Ripley added," It's about the slow growth of the story and whether the economy is headed for a recession. "

Boeing (NYSE 🙂 Co was the heavy drag on the blue-chip Dow, falling 4.4% after the company said it would cut production of its 737 MAX aircraft in response to a global landing of jets after the fatal Ethiopian Airlines crash on March 1

0.

Boeing woes are also weighed on the plane maker's suppliers. Spirit AeroSystems and the Triumph Group ended the session down 5.1% and 6.2%, respectively.

The fell 83.97 points, or 0.32%, to 26,341.02, the S & P 500 gained 3.03 points, or 0.10%, to 2,895.77 and the added 15.19 points , or 0.19%, to 7,953.88.

Of the 11 major sectors in the S & P 500, six closed in the black, led by energy, which got a boost from rising crude prices.

Utilities and industries were the largest percentage of losers .

General Electric (NYSE 🙂 dropped 5.2% after JPMorgan downgraded the industrial conglomerate's stock to "underweight" from "neutral."

Snap Inc. (NYSE 🙂 gained 3.6% after the sale of New Age Beverage Corp., up 38.6% on news that it would expand its tea and coffee brand Marley with Walmart (NYSE 🙂 Inc.

RBC Capital Markets upgrade the stock to "outperform."

Drugmaker Histogenics Corp. soared 56.0% on news it would merge with privately-held Ocugen Inc.

Chipmaker Micron Technology Inc. (NASDAQ 🙂 dipped 1.0% after Cowen downgraded the stock to "market perform," citing expected margin pressures.

Advancing issues outnumbered declining ones on the NYSE by a 1.11-to-1 ratio; is a Nasdaq, a 1.16-to-1 ratio favored decliners.

The S & P 500 posted 31 new 52-week highs and no new lows; The Nasdaq Composite recorded 63 new highs and 29 new lows.

Volume is U.S. exchanges was 6.15 billion shares, compared with the average of 7.28 billion over the past 20 trading days.


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