US Stocks Open Slightly Lower Monday 04/12 09:54
Stocks were moving slightly lower in early trading Monday after the market
hit record highs last week. Investors are continuing to focus on the economic
recovery as well as concerns about inflation and rising bond yields.
NEW YORK (AP) -- Stocks were moving slightly lower in early trading Monday
after the market hit record highs last week. Investors are continuing to focus
on the economic recovery as well as concerns about inflation and rising bond
The S&P 500 index fell 0.1% as of 10:20 a.m. Eastern. The Dow Jones
Industrial Average rose 0.2% and the Nasdaq Composite fell 0.4%.
Wall Street will be watching company earnings reports this week,
particularly several from big banks. JPMorgan Chase and Wells Fargo report on
Wednesday, while Bank of America and Citigroup report on Thursday.
Investors expect big profits for the major banks, mostly due to rising
interest rates and the ability for these banks to move loans that went bad in
the early weeks of the pandemic back onto the "good" side of their balance
The yield on the 10-year U.S. Treasury note, which influences interest rates
on mortgages and other loans, held steady at 1.67%. It ended Friday at 1.66%
and had been as high as 1.75% last Monday.
Investors are showing cautious optimism about the economic recovery,
especially in the U.S., where vaccine distribution as been ramping up and
President Joe Biden has advanced the deadline for states to make doses
available to all adults to April 19.
Nuance Communications soared 20% after Microsoft said it would buy the
speech technology company for about $16 billion.
Alibaba rose 7% after the Chinese conglomerate said it would restructure to
placate Chinese government regulatory concerns. The Chinese government had
growing antitrust concerns about Alibaba, which is the equivalent of Amazon in
China and has many arms and businesses, including payments and media.