- Global stock markets traded in narrow ranges Monday as investors awaited fresh drivers following a volatile couple of months that has seen many shares take a pounding on a series of concerns, including fears of a trade war between the USA and China, and then recover amid a rebound in risk appetite.
"We came into the earnings season with pretty lofty expectations and the earnings have been relatively strong".
The Dow Jones industrial average fell 14 points, or 0.1 percent, to 24,448.
The NASDAQ Composite closed lower for a third day, pressed by losses in Facebook, Amazon, Netflix and Alphabet (Google's Parent).
The S&P 500 index rose 0.15 points to 2,670.29. Caterpillar climbed 0.5 percent after Citi raised its rating on the Dow component. More than 82 percent of S&P 500 companies that have reported through Monday morning have topped earnings estimates, according to FactSet. He said they are an opportunity for investors to diversify their holdings at a time of increased market volatility. The Nasdaq composite fell 17 points, or 0.2 percent, to 7,128.
Microsoft rose 1 percent Monday and Starbucks climbed 1.1 percent.
"If we get to that level (3 percent on the 10-year yields), it's not going to be too much of a negative for investors because earnings have been coming in quite good", said Jeff Kravetz, regional investment strategist at U.S. Bank Wealth Management.
Donald Trump just got a big win on Mike Pompeo
Jeanne Shaheen (D-N.H.) and Cory Booker (D-N.J.) during his confirmation hearing pressed Pompeo on his anti-LGBT statements . Trump recently predicted he would come around again on Pompeo, calling Paul "a good man" who has "never let us down".
Shares of aluminum companies fell after the USA opened the door to sanctions relief for Russian aluminum giant United Company Rusal Plc 0486.HK .
The Philadelphia Semiconductor index.SOX was down 1.2 percent and was on track for its fourth straight session of declines on concerns of slowing smartphone demand. CenterPoint fell 2.2 percent to $26.08.
Sears rose 7.6 percent after the company's CEO said the struggling retailer should sell its Kenmore brand. Copper lost 0.8 percent to $3.11 a pound. Sears has been closing stores, cutting costs and selling brands as its sales fall.
In Asian market trading, Japan's Nikkei advanced 0.67%.
ENERGY: Benchmark U.S. crude lost 16 cents to $68.25 per barrel in electronic trading on the New York Mercantile Exchange while Brent crude, used to price worldwide oils, rose 4 cents to $74.10 per barrel.
In the cash market, the benchmark S&P 500 Index settled at 2670.29, up 0.15 or +0.01%. Hong Kong's Hang Seng declined 0.5 percent.
The dollar rose to 108.65 yen from 107.60 yen.