Portfolio

US close: Stocks end session lower ahead of Q3 earnings

By Iain Gilbert

Date: Tuesday 12 Oct 2021

US close: Stocks end session lower ahead of Q3 earnings

(Sharecast News) - Wall Street stocks closed lower on Monday as market participants geared up for the start of third quarter earnings season later in the week.
At the close, the Dow Jones Industrial Average was down 0.72% at 34,496.06, while the S&P 500 was 0.69% weaker at 4,361.19 and the Nasdaq Composite saw out the session 0.64% softer at 14,486.20.

The Dow closed 250.19 points lower on Monday, reversing modest gains recorded on Friday following a poor jobs report.

Monday's principal focus was surging energy prices, with West Texas Intermediate crude jumping 1.45% to $80.50 per barrel.

Also weighing on sentiment was a report from Goldman Sachs that saw the bank cut its economic growth forecasts for 2022 to 4% from 4.4% and lower its 2021 estimate to 5.6% from 5.7%, pointing to the expiration of fiscal support from Congress and a slower-than-expected recovery in consumer spending as its reasoning.

Looking ahead, third quarter earnings season will kick off on Wednesday, with Delta Air Lines, BlackRock and JP Morgan Chase all reporting earnings, while Goldman Sachs, Bank of America, Morgan Stanley, Wells Fargo and Citigroup will follow later in the week.

No major data points or corporate earnings were released on Monday.

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