Stocks fall on Wall Street before earnings announcement | Nationwide

Stocks are a bit lower on Wall Street in Monday afternoon trading ahead of a busy week of latest corporate earnings reports and inflation updates.

The S&P 500 was down 0.4% as of 2pm ET. The Dow Jones Industrial Average fell 5 points (less than 0.1%) to 29,293 and the Nasdaq fell 0.6%. Trading in US Treasuries was closed.

The major indices are coming out of a volatile week of gains due to an initial two-day rally that protected stocks from some weak days.

Technology stocks were the most heavily weighted in the market.Semiconductor and chip-making equipment makers also saw a big sell-off following the U.S. government’s announcement. Strengthening export controls It limits China’s ability to obtain advanced computing chips, develop and maintain supercomputers, and manufacture advanced semiconductors. Nvidia he fell 2.5%.

Other companies considered lower risk, such as manufacturers and household goods makers, held up better than the rest of the market.

Wall Street is in turmoil amid stubborn inflation concerns and the Federal Reserve’s rate hike plans to curb high prices.The goal is to slow economic growth and cool both borrowing and spending to control inflation, but the plan The risk of pushing the economy into recession.

Investors may get a better picture of the Fed’s thinking when the central bank releases the minutes of its latest policy meeting on Wednesday. At that time, the Fed hiked rates by another three-quarters of a percentage point, which was quite large.

“No one is arguing whether inflation is going down. “The battle for inflation is being won, but the problem is that the battle for recession may be needlessly lost.”

Wall Street will also get an important update on inflation and more insight into how it’s affecting retail sales.

The government will release a report on producer prices on Wednesday, providing details of inflation at the corporate wholesale level. A high-profile report on consumer prices will be released on Thursday, while a report on retail sales will be released on Friday.

The latest sales update could confirm that consumers are increasingly under financial pressure, or at least holding back on spending.Kerry said it could send a signal to the Fed. said there is.

“I hope the Fed is keeping a close eye on these indicators,” he said. “We should tell them that we are much closer to beating inflation and destroying the economy than they think.”

It’s been a busy week for economic reports as the latest corporate earnings reports begin.These reports, as well as statements from companies and company executives, may help Provides sharper images Learn how rising prices are impacting revenues and profits, and our projections for the rest of the year and through 2023.

PepsiCo, Delta Air Lines and Walgreens are among the big companies to report earnings this week. Several major banks, including JPMorgan Chase and Citigroup, will report results on Friday.

Inflation and recession risks remain at the top of the list as major concerns, but COVID-19 and the possibility of further exacerbating already slowing economic growth continue to linger.Stocks fall in Hong Kong and Shanghai More lockdown news in China Because of the increasing number of COVID-19 cases. Markets in Tokyo are closed on public holidays.

Casino and resort operators operating in China have plunged as they worry about the impact of increased lockdowns. Wynn Resorts fell 11% and Las Vegas Sands 7.4%.

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Elaine Kurtenbach contributed to this report.

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