U.S. stocks fell on Monday after a strong week for the major averages, as investors awaited the release of major corporate earnings reports.
The Dow Jones Industrial tumbled 293.33 points to pause for lunch at 42,982.58.
The S&P 500 index turned downward 21.28 points to 5,843.39.
The NASDAQ skidded 19.21 points to 18,470.35.
Consumer and homebuilder stocks were among the biggest losers during midday trading as fears about higher-for-longer interest rates crept up, with Target and Builders FirstSource each down more than 3%.
Momentum behind the major U.S. indexes’ recent gains may also depend on whether companies can beat expectations this earnings season, which is set to ramp up this week. Roughly one-fifth of S&P 500 companies — including major names such as Tesla, Coca-Cola and GE Aerospace — are set to report through Friday.
Thus far, the results have been mixed. Of the 14% of S&P 500 companies that have already posted third-quarter results, 79% have beaten expectations, according to FactSet’s John Butters. Analysts have significantly downgraded their earnings expectations for the quarter in recent months.
Prices for the 10-year Treasury sank, raising yields to 4.17% from Friday’s 4.08%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.21 to $70.43 U.S. a barrel.
Prices for gold advanced $5.70 an ounce to $2.735,70 U.S.
