Stocks Close to Flat to Start Week2 min read
U.S. equities were flat on Monday, as U.S. Treasury yields reversed and climbed higher, and investors awaited quarterly reports from big retailers later in the week.
The Dow Jones Industrials eased back 12.86 points to greet the closing bell Monday at 36,087.45.
The S&P 500 dropped 0.05 points to 4,682.80.
The NASDAQ Composite skidded 7.11 points to 15,853.85.
Chief among featured stocks was Tesla, whose shares fell 1.9% and continued their decline from last week, when CEO Elon Musk sold nearly $7 billion worth of Tesla stock. Tesla ended the week down 15.4% for its worst week since March 2020.
Tech darling Nvidia also lost 1.2% as investors pulled back their positions ahead of the company’s quarterly results this week. Some have said the chipmaker is overextended on a relative strength basis, and last week Wedbush Securities downgraded the stock to neutral from outperform.
But investors’ main focus was on upcoming quarterly earnings reports from several major retailers this week. Target gained about 1.6%, while Lowe’s lost 0.5%. Both will report on Wednesday. Shares of Walmart and Home Depot, both reporting Tuesday, declined.
Shares of Dollar Tree jumped 14.2% following a report Friday that activist investor Mantle Ridge has taken a stake worth at least $1.8 billion in the discount store chain and will push it to do more to add to shareholder value.
Boeing rose nearly 5.5% following news that Saudi Arabian Airlines is in talks with Airbus and Boeing for a wide-body jet order. At the same time, Emirates announced an order for two Boeing 777 Freighters at the 2021 Dubai Airshow.
Prices for 10-year Treasurys lost ground Friday, raising yields to 1.63%, from 1.57% on Friday. Treasury prices and yields move in opposite directions.
Oil prices nosed up 10 cents to $80.89 U.S. a barrel.
Gold prices slid $3.80 to $1,864.70 U.S. an ounce.