The US stock market finished unchanged line Monday, as investors prepare for the beginning of a very busy week of earnings reports. And much attention is paid to the growth of long-term interest rates, the yield on 10-year Treasury bonds in the range of millimeters at the crossing of 3% threshold (2.998%).
At the Nasdaq lost 0.3% and the DOW Jones Industrial average fell 0.1%, notching their third and fourth straight losses respectively. Volume was very light, only 730 million shares traded hands on the NYSE and the 50-day average $ 897 million.
Breadth was mixed, with six industry groups rising and five declining. Energy stocks rose 0.6% against 0.5% in crude oil to $68.76 per barrel. Technology was the weakest performer, losing 0.4%.
DOW components caterpillar Inc. (NYSE:cat), Merck & co., Ink. (Ticker NYSE:MRK), companies Exxon (Ticker NYSE:xom AT), and Verizon communications Inc. at (NYSE:VZ) received upon receiving the update Analytics. Kimberly Clark Corp (indexKMB) fell 1.5% after the commodity inflation squeezed margins. And hasbro (Indexand) rose 4.6% after posting worse-than-expected profits and sales and drop as much as 4.6% in mid-day trading.
Trader positioning suggests more trouble ahead, with near-record speculative short positions us Treasury bonds, an aggressive long volatility company and the dollar rally squeezing shorts in the currency markets.
Check Serge Berger’s trade of the day on April 24.
Today the retail landscape
To see a list of companies reporting in earnings today, click here.
The list of economic reports this week needs to go, click here.
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Anthony Mirhaydari is founder of the edge (etfs) and edge Pro (variants) of the investment newsletters. Free two – and four-week study of offers extended to InvestorPlace readers.