© Reuters. Traders work on the NYSE in New York
By Stephen Culp
NEW YORK (Reuters) – The Nasdaq and the Nasdaq moved into positive territory on Monday, with profits held in check by falling industrialists Investors' focus on analysts now expects the first quarter to show declining profits since 2016.
As the Dow deepened the session, the S & P 500 extended its winning streak. For the first time since October 201
"We've been expanding for a long time, this is a late-cycle mentality," said Charlie Ripley, Senior Market Strategist for Allianz (DE) Investment Management in Minneapolis. "Usually, we see stocks trading well towards the end of the cycle."
The reporting period for the first quarter begins with Delta Airlines (NYSE :), JPMorgan Chase & Co (NYSE 🙂 and Wells Fargo (NYSE 🙂 & Co.
Analysts expect that It will be the first quarter since 2016 that the S & P 500 profit has declined compared to the previous year. Profits for S & P 500 companies in January and March fell 2.3% year-over-year, according to data from Refinitiv.
Investors are also struggling with increasing signs of global economic slowdown.
"At the top of the list of investors is declining growth and the question of whether the economy is in recession," Ripley added. "We will get an idea as the profits come from different sectors."
Boeing (NYSE 🙂 Co had the biggest impact on the blue-chip Dow. It fell 4.4% after the company cut production of its 737 MAX aircraft in response to global grounding of the jets following the fatal crash of the Ethiopian Airlines on 10 March.
Boeing problems also impacted the aircraft manufacturer's suppliers. Spirit AeroSystems and Triumph Group ended the session down 5.1% and 6.2%, respectively.
This dropped 83.97 points or 0.32% to 26,341.02, the S & P 500 gained 3.03 points or 0.10% to 2,895.77 and the additional 15.19 points or 0.19 % to 7,953.88.
Of the eleven large sectors of the S & P 500, six were in the profit zone, led by Energy, which was supported by rising crude oil prices.
Utilities and industrial companies were the biggest losers.
General Electric (NYSE 🙂 fell 5.2% after JPMorgan rated the industry conglomerate stock from "neutral" to "underweight".
New Age Beverage Corp. rose 38.6% on news that the Marley brand was to be expanded to include Walmart (NYSE 🙂 Inc.
. Snap Inc. (NYSE 🙂 gained 3.6% RBC Capital Markets & # 39; upgraded the stock to "outperformance".
Drugmaker Histogenics Corp rose 56.0% when merged with private Ocugen Inc.
. Chipmaker Micron Technology Inc. (NASDAQ) fell to Cowen for a 1.0% downgrade to "market performance", citing expected margin pressure.
Increasing problems outweighed downward moves on the NYSE with a ratio of 1.11 to 1; on the Nasdaq, a ratio of 1.16 to 1 favored the decline.
The S & P 500 recorded 31 new highs of 52 weeks and no new lows; The Nasdaq Composite recorded 63 new highs and 29 new lows.
The volume on the US exchanges was 6.15 billion shares compared to the average of 7.28 billion during the last 20 trading days.