US STOCKS-S&P 500, Dow slip from record highs; Coca-Cola rises on results
(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.)
* Tesla falls after fatal crash, bitcoin slump
* GameStop (NYSE: GME ) shares jump as CEO exits
* Coca-Cola (NYSE: KO ) rises as revenue beats estimates
* Indexes down: Dow 0.27%, S&P 0.13%, Nasdaq 0.20% (Updates to open)
By Shivani Kumaresan
April 19 (Reuters) - Wall Street's main indexes dipped on Monday although the S&P 500 and the Dow were still near record levels, as investors anticipated first-quarter earnings season for any hints that corporate America was rebounding from the impact of the COVID-19 pandemic.
Coca-Cola Co KO.N trounced estimates for quarterly profit and revenue, benefiting from the easing of pandemic curbs and wide vaccine rollouts. Its shares slipped about 0.1% in early trading. Corp IBM (NYSE: IBM ).N , another blue-chip company, slipped about 0.2% ahead of its results due after the closing bell.
"The market is waiting to see if blowout earnings in banks will continue to other sectors," said Thomas Hayes, chairman of Great Hill Capital.
"One of the things the market is looking for is increased participation among tech stocks, which have lagged in 2021."
A recent pullback in the benchmark 10-year bond yield US10YT=RR from 14-month highs has renewed interest in richly valued technology stocks, while a string of strong economic data has also helped push the S&P 500 and the Dow to record levels.
The S&P 500 has risen for the past four weeks, its longest winning streak since August 2020.
About 79 S&P 500 companies are due to report earnings this week including Johnson & Johnson (NYSE: JNJ ) JNJ.N , Netflix Inc NFLX.O , Intel Corp INTC.O , Honeywell (NYSE: HON ) HON.N and Schlumberger (NYSE: SLB ) SLB.N , according to Refinitiv IBES data.
Nine of the 11 major S&P sectors dropped with financials .SPSY and energy .SPNY the only exceptions.
At 09:57 a.m. EDT the Dow Jones Industrial Average .DJI fell 92.61 points, or 0.27%, to 34,108.06, the S&P 500 .SPX lost 5.60 points, or 0.13%, to 4,179.87 and the Nasdaq Composite .IXIC lost 28.53 points, or 0.20%, to 14,023.81.
Tesla Inc TSLA.O dropped 4.2% after two men died as its electric car, which was believed to be operating without anyone in the driver's seat, crashed into a tree in Texas. The stock was also under pressure due to a sharp fall in bitcoin BTC=BTSP over the weekend. Corp GME.N jumped 8.5% on the announcement of its CEO's resignation. stocks including miners Riot Blockchain RIOT.O and Marathon Digital MARA.O dropped about 6.6 and 4.5%, respectively, as bitcoin took a hammering. HOG.N jumped 8% after the motorcycle maker raised it full-year forecast for sales growth. issues outnumbered advancers by a 1.4-to-1 ratio on the NYSE and by a 1.6-to-1 ratio on the Nasdaq.
The S&P 500 posted 47 new 52-week highs and no new lows, while the Nasdaq recorded 107 new highs and 35 new lows.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.
Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb
Drop an image here or