Stocks closed mixed on Monday as the 10-year Treasury yield rose and investors prepared for an eventful week of high-profile earnings reports that could impact the current record-setting rally.
The S&P 500 dropped nearly 0.2% after hitting a fresh all-time closing high and notching a sixth consecutive weekly gain. The Dow Jones Industrial Average fell over 300 points, closing about 0.8% lower, while the Nasdaq Composite ended the day up 0.2%.
Nvidia, a leading AI chip heavyweight, saw its stock rise over 4% to reach a new all-time high, while tech giant Apple also achieved a record closing high.
As the 10-year Treasury yield climbed to 4.18%, reaching its highest level since July, investors awaited a series of prominent earnings reports that are set to drive market sentiment in the days to come.
This week will see over 100 S&P 500 companies reporting their third-quarter results, with 80% of updates from benchmark companies exceeding expectations so far. Among the highly anticipated reports is Tesla’s earnings on Wednesday, following its underwhelming robotaxi unveiling event.
Other major companies such as General Motors, Coca-Cola, American Airlines, and UPS are also on the earnings docket for the week. Notably, Boeing is expected to release its earnings on Wednesday as its workers vote on a tentative agreement to end a five-week strike, causing the company’s shares to rise over 3%.
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