{"id":141417,"date":"2021-10-11T19:30:07","date_gmt":"2021-10-11T19:30:07","guid":{"rendered":"https:\/\/precoinnews.com\/?p=141417"},"modified":"2021-10-11T19:30:07","modified_gmt":"2021-10-11T19:30:07","slug":"wall-street-slips-as-caution-rises-over-earnings-financials-down","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/wall-street-slips-as-caution-rises-over-earnings-financials-down\/","title":{"rendered":"Wall Street slips as caution rises over earnings; financials down"},"content":{"rendered":"
NEW YORK (Reuters) – U.S. stocks were mostly lower in afternoon trading Monday with trading choppy as investors were cautious before third-quarter earnings season.<\/p> Indexes reversed earlier gains, with the Dow and S&P 500 lower and the Nasdaq essentially flat.<\/p>\n Supply chain problems and higher costs for energy and other things have fueled concern about earnings, set to kick off with JPMorgan Chase & Co results on Wednesday.<\/p>\n JPMorgan shares were down 1.9%, among the biggest drags on the S&P 500, and the S&P financial index was down 0.7%.<\/p>\n \u201cI was surprised to see the market up this morning because earnings season is right ahead of us, and the market is a bit cautious going into this earnings season,\u201d said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York, New York.<\/p>\n \u201cSupply chain issues may have impacted earnings for a number of companies and certain industries more than others.\u201d<\/p>\n The Dow Jones Industrial Average fell 131.61 points, or 0.38%, to 34,614.64, the S&P 500 lost 12.64 points, or 0.29%, to 4,378.7 and the Nasdaq Composite dropped 8.08 points, or 0.06%, to 14,571.46.<\/p>\n Analysts expect a 29.6% year-over-year increase in profit for S&P 500 companies in the third quarter, according to IBES data from Refinitiv as of Friday, down from 96.3% growth in the second quarter.<\/p>\n Energy was also lower after hitting its highest since January 2020. Higher oil prices have fed into concerns about rising costs for businesses and consumers.<\/p>\n Market participants said traders may have been out for the U.S. Columbus Day holiday. U.S. bond markets shut Monday for the holiday.<\/p>\n Among individual stocks, Southwest Airlines Co slipped 3.2% on a report that it canceled at least 30% of its scheduled flights on Sunday.<\/p>\n Advancing issues outnumbered declining ones on the NYSE by a 1.08-to-1 ratio; on Nasdaq, a 1.08-to-1 ratio favored decliners.<\/p>\n The S&P 500 posted 40 new 52-week highs and 7 new lows; the Nasdaq Composite recorded 83 new highs and 109 new lows.<\/p>\n