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U.S. stocks ended lower on Monday to record their biggest one-day points decline in a week, as investors felt jittery ahead of the third-quarter earnings this week. Investors are also awaiting fresh inflation data this week. All the three major indexes ended in negative territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) declined 0.7% or 250.19 points to close at 34,496.06 points. The blue chip index was up more than 200 points at one point of the day but couldn’t hold on to the gains.
The S&P 500 fell 0.7% or 30.15 points to finish at 4,361.19 points. Communications and consumer discretionary stocks were the worst performers.
The Communication Services Select Sector SPDR (XLC) and the Consumer Discretionary Select Sector SPDR (XLY) lost 1.5% and 1.4%, respectively. Nine of the 11 sectors of the benchmark index ended in negative territory.
The fear-gauge CBOE Volatility Index (VIX) was up 6.55% to 20.00. A total of 8.15 billion shares were traded on Monday, lower than the last 20-session average of 10.9 billion.
Investors Await Earnings Data
Markets opened on a positive note and stocks were trading higher on Monday but indexes turned lower on the later part of the day as investors felt jittery ahead of the third-quarter earnings results. Investors are also waiting for fresh data on inflation later this week. A large number of U.S. banks will be announcing their quarterly results this week.
Investors’ sentiment has been negative for a while now and despite last week’s data showing lower-than-expected jobs gains in September, they are almost certain that it won’t impact the Fed much when it decides to roll back its easy monetary policy before the year end.
Energy stocks were performing well for most of the day on rising global oil prices but couldn’t hold on to the gains due to the broader market’s slide.
No economic data was released on Monday as almost everything remained closed in observance of Columbus Day holiday. The treasury market also remained closed.
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Stock Market News for Oct 12, 2021
U.S. stocks ended lower on Monday to record their biggest one-day points decline in a week, as investors felt jittery ahead of the third-quarter earnings this week. Investors are also awaiting fresh inflation data this week. All the three major indexes ended in negative territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) declined 0.7% or 250.19 points to close at 34,496.06 points. The blue chip index was up more than 200 points at one point of the day but couldn’t hold on to the gains.
The S&P 500 fell 0.7% or 30.15 points to finish at 4,361.19 points. Communications and consumer discretionary stocks were the worst performers.
The Communication Services Select Sector SPDR (XLC) and the Consumer Discretionary Select Sector SPDR (XLY) lost 1.5% and 1.4%, respectively. Nine of the 11 sectors of the benchmark index ended in negative territory.
The tech-heavy Nasdaq declined 0.6% or 93.34 points to end at 14,486.20 points. Shares of Texas Instruments Incorporated (TXN - Free Report) declined 1%, while Facebook, Inc. fell 1.4%. Texas Instruments carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
The fear-gauge CBOE Volatility Index (VIX) was up 6.55% to 20.00. A total of 8.15 billion shares were traded on Monday, lower than the last 20-session average of 10.9 billion.
Investors Await Earnings Data
Markets opened on a positive note and stocks were trading higher on Monday but indexes turned lower on the later part of the day as investors felt jittery ahead of the third-quarter earnings results. Investors are also waiting for fresh data on inflation later this week. A large number of U.S. banks will be announcing their quarterly results this week.
Investors’ sentiment has been negative for a while now and despite last week’s data showing lower-than-expected jobs gains in September, they are almost certain that it won’t impact the Fed much when it decides to roll back its easy monetary policy before the year end.
Energy stocks were performing well for most of the day on rising global oil prices but couldn’t hold on to the gains due to the broader market’s slide.
No economic data was released on Monday as almost everything remained closed in observance of Columbus Day holiday. The treasury market also remained closed.