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US stocks mostly finished higher on Monday, with the S & P 500 up for the eighth consecutive session as investors geared up for a new earnings season.
How did the benchmarks behave?
S & P 500 Index
SPX, + 0.10%
rebounded 3.03 points, or 0.1%, to 2,895.77, equaling its longest run of wins since October 2017. The Nasdaq Composite Technology Focused Index
COMP + 0.19%
earned 15.19 points, or 0.2%, at 7,953.88.
The Dow Jones Industrial Average
DJIA, -0.32%
However, the decline of 83.97 points, or 0.3%, to 26,341.02, driven down by Boeing Co., which was the biggest loser in the blue-chip index.
What motivated the market?
The market suffered a lot from the session due to weak first quarter results. A number of companies, including Dow-Component Walgreens Boots Alliance Inc.
WBA, + 0.68%
have recomposed the earnings outlook for 2019.
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Investors are also expecting concrete progress in trade negotiations between the United States and China, which will symbolically end with a meeting between President Donald Trump and his Chinese counterpart Xi Jinping.
Factory orders in the United States fell 0.5% in February, exceeding the 0.4% decline predicted by economists in a MarketWatch survey. Data shows that manufacturing growth continues to grow, but manufacturers are becoming more cautious.
On Friday, the March jobs report said the US economy created 196,000 new jobs, surpassing 177,000 consensus expectations, according to a MarketWatch survey of economists. This figure has eased some concerns about the deceleration of US economic growth, along with growing signs of slowing elsewhere in the world.
In Europe, market participants were watching the recent evolution of Britain's attempt to break free from the European Union. Brussels had to decide to extend the term of the so-called Brexit, possibly fixing a date at the end of the year, or even in 2020.
What did the strategists say?
Craig Callahan, President of Icon Funds, told MarketWatch Monday's price action was a consolidation. "There are a lot of skeptics in this bull market, and so when the market rises a bit like it did last week, they take the opportunity to go out," he said.
"The benefits of the S & P 500 index are expected to show a 4% drop from one year to the next for the quarter. It would be the first quarterly decline in earnings since the second quarter of 2016, "said Bill Stone, chief investment officer at Avalon Advisors LLC.
In fact, Stone expects profits in three sectors – technology, materials and energy – to fall in double digits.
"The good news is that we do not expect a real earnings recession, as the situation improves as the year progresses," he said.
What actions were under discussion?
Actions of Boeing
BA, -4.44%
it's collapsed 4.4% after the aerospace and defense subcontractor announced that it was reducing the production of its 737 MAXs, which were immobilized after two fatal accidents less than six months apart.
Actions of General Electric Co.
GE, -5.19%
fell 5.2% after JPMorgan analyst Stephen Tusa returned to a bearish position on the company, bringing its price target down to $ 6 from $ 6 to $ 50 from Friday's closing price.
Warren Buffett said the next managing director of the troubled bank Wells Fargo & Co.
WFC + 0.21%
should not come from Wall Street. Buffett is one of the main shareholders of Wells Fargo via Berkshire Hathaway
BRK.A, -0.10%
BRK.B, -0.04%
The bank's shares rebounded 0.2%.
Actions of Zillow Group Inc.
ZG, + 0.79%
rose 0.8% after Cowen analysts upgraded the stock to outperform.
PINS, + 0.00%
set a price range for his next public offering to save between $ 15 and $ 17 dollars. The online imaging company is expected to be published next week on the New York Stock Exchange.
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How were the other markets traded?
Asian stocks traded mixed with Japan's Nikkei 225.
NIK -0.21%
by 0.2%, while Hong Kong's Hang Seng index
HSI, + 0.47%
0.5% and China's composite index in Shanghai
SHCOMP, -0.05%
slightly decreased by 0.1%.
European markets were generally weaker with the Stoxx Europe 600
SXXP, -0.19%
index slightly lower.
In commodity markets, crude oil prices
CLK9, + 2.19%
climbed while the gold
GCM9, + 0.46%
set higher. The US dollar
DXY, -0.33%
retreated against a basket of his peers.
-Marque DeCambre has contributed to this article
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