U.S. stocks oscillated around the S&P 500's flat line on Monday before whipping noticeably lower in the final hour of trading. Renewed weaknesses in the information technology (-1.6%) and financials (0.5%) sectors coupled with ongoing concerns about the global economic growth outlook kept follow-through buying interest from Friday's rally in check. The S&P 500 lost 0.6% and closed below its 200-day moving average (2766.54), a key technical level. The tech-heavy Nasdaq Composite lost 0.9% and the Dow Jones Industrial Average lost 0.4%. Meanwhile, the small-cap Russell 2000 outperformed, climbing 0.6%.
Companies scheduled to report earnings this afternoon: JBHT
Futures are lower after hours: S&P 500 futures are -7 vs. 2,754 fair value and Nasdaq 100 futures are -15 vs. 7,086 fair value.
Tomorrow morning, economic reports scheduled to be released include:
- 9:15: September Industrial Production: (Briefing.com Consensus +0.3% from +0.4% in August), Capacity Utilization (Briefing.com Consensus 78.2% from 78.1% in August)
- 10:00: August JOLTS Job Openings (prior 6.94 mln), October NAHB Housing Market Index (Briefing.com Consensus 67, unchanged)
Tomorrow before the open the following companies are scheduled to report earnings: BLK CMA DPZ FHN GS GWW JNJ MS OMC PACW PGR PLD UNH