Stocks fell on Monday, pressured by declines in Boeing and Basic Electric, as Wall Street digested powerful gains from the earlier week and looked ahead to the commence of the corporate earnings season.
The Dow Jones Industrial Typical swooned 150.52 points to pause for noon hour at 26,274.47
The S&P 500 lost six.76 points at two,885.98, as the industrial sector dipped .9%.
The NASDAQ Composite dropped 16.two points to 7,922.five
Boeing dropped additional than three.five% soon after Bank of America Merrill Lynch reduce its rating on the aerospace giant to neutral from get. The bank mentioned it expects production of the 737 Max jet to be delayed by six to nine months.
GE, meanwhile, fell additional than six% soon after J.P. Morgan reduce its price tag target on the stock to $five from $six a share, noting: “We think numerous investors are underestimating the severity of the challenges and underlying dangers at GE, even though overestimating the worth of modest positives.”
Snap shares rose additional than three% soon after RBC Capital Markets upgraded the social media corporation to outperform from sector carry out, noting the “prospective for a constructive inflection point catalyzing” the stock.
On the information front, factory orders for February fell .five% amid weakness in the machinery, transportation gear and electronic solutions segments. Shipments, nonetheless, rose .four%. Treasury yields climbed on the information.
Rates for the benchmark 10-year U.S. Treasury fell, raising yields to two.52% from Friday’s two.five%. Treasury costs and yields move in opposite directions.
Oil costs gained $1.09 to $64.17 U.S. a barrel.
Gold costs gained $six.20 to $1,301.80 U.S. an ounce.