NEW YORK (Reuters) – Industrials bogged down Wall Street on Monday, pulling the S&P 500 and the Dow lower as investors braced for what analysts now expect to be the first quarter of contracting earnings since 2016.
Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 8, 2019. REUTERS/Brendan McDermid
While the Nasdaq eked out a small gain, the Dow was down and the S&P 500 looked set to snap its seven-day winning streak.
Boeing Co was the heaviest drag on the Dow, falling 4.8% after the company said it would cut production of its 737 MAX aircraft in response to a worldwide grounding of the jets in the wake of the fatal Ethiopian Airlines crash on March 10.
“The losses are concentrated, today,” said Oliver Pursche, chief market strategist at Bruderman Asset Management in New York. “With the absence of news and heading into earnings there’s nothing particularly alarming in terms of today’s market action.”
First quarter reporting period begins in earnest, with Delta Airlines, JPMorgan Chase & Co and Wells Fargo & Co results due later in the week, kicking off what analysts now expect to be the first quarter to