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5 P&C Insurers to Buy Ahead of Another Active Hurricane Season

5 P&C Insurers to Buy Ahead of Another Active Hurricane Season

12 months 2022 is predicted to see an energetic hurricane time. Per Colorado State University (CSU), the 2022 over-ordinary hurricane time may perhaps have 19 named storms, which includes nine hurricanes and 4 significant hurricanes. This year’s hurricane period could be about 130{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of the average season for every CSU.

The hurricane time commonly starts off in June and lasts by November all through a year, gathering toughness in August and September. So, property and casualty insurers’ 3rd-quarter effects are afflicted the most.  Far better pricing, prudent underwriting, greater publicity, favorable reserve enhancement and a strong funds posture help insurers endure blows from the catastrophes.

Improved pricing, prudent underwriting, elevated exposure, favorable reserve improvement and a strong capital posture help RLI Corporation RLI, W.R. Berkley Corporation WRB, Kinsale Funds Group, Inc. KNSL, AXIS Funds Holdings Constrained AXS and Everest Re Team, Ltd. RE stand up to blows from the disaster events.

For each a report revealed by Swiss Re Institute, worldwide insured catastrophe losses incurred in 2021 ended up $112 billion, which created it the fourth-costliest 12 months. Pure catastrophes accounted for $105 billion of world insured losses, an improve of 17{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from the 2020 level, for each the report. The sector incurred a $3.8 billion web underwriting loss from a $5.2 billion underwriting get in 2020, for each a report from Verisk and the American House Casualty Insurance plan Association. The mixed ratio deteriorated 100 basis factors to 99.6 in 2021.

Even so, web revenue enhanced 2.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in 2021 pushed by development in investment decision cash flow and recognized money gains although policyholders’ surplus amplified to a record $1 trillion as of Dec 31, 2021, for every Verisk and the American Residence Casualty Coverage Association.

Coming again to this 12 months, the initial quarter of 2022 incurred coverage and reinsurance market losses from catastrophes of $14 billion or about $13 billion in economic losses, per a report from Aon.

Nonetheless, enhanced pricing locations insurers properly to weather catastrophe decline, although recurrent occurrences of normal disasters need to speed up the plan renewal rate.

Per Marsh, world-wide business insurance policies prices in the initially quarter of 2022 improved 11{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, marking the 18th straight quarter of rate maximize. Per the report, residence fees improved 7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, casualty pricing rose 7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, U.S. money and specialist lines pricing improved 26{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, and cyber insurance policy pricing rose 26{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. Per Willis Towers Watson’s 2022 Insurance plan Marketplace Realities report, costs will continue on to increase but by a little margin.  Improved pricing will aid insurers publish larger rates. For each Deloitte insights, international non-daily life rates are estimated to grow 3.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in 2022.

Shares to Purchase

Regular catastrophes that speed up coverage renewal charges and direct to upward pricing strain will enhance the efficiency of Zacks Assets and Casualty Insurance plan field players. With the support of our Zacks Inventory Screener, we have selected five stocks that carry a favorable Zacks Rank and have witnessed upward estimate revisions.

RLI Company is a specialty home-casualty underwriter that caters generally to specialized niche marketplaces and is one particular of the industry’s most worthwhile P&C writers with an amazing track history of delivering 26 consecutive yrs of underwriting profitability. A wide range of products offerings, concentration on specialty coverage traces, company expansion, sustained amount increase, expanded distribution and operational toughness bode nicely for this Zacks Rank #1 (Potent Acquire) insurer’s growth. You can see the comprehensive checklist of today’s Zacks #1 Rank shares here

Estimates for its 2022 base line have jumped more than the previous 30 times by 14.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} and recommend a 13.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} increase from the yr-ago claimed selection. RLI has an outstanding VGM Score of B.

W.R. Berkley Company is one particular of the nation’s greatest industrial traces house casualty insurance policies providers benefiting from its insurance plan company. This Zacks Rank #2 (Acquire) insurance company need to proceed to benefit from its very well-performing coverage business enterprise. Level increases, reserving discipline, and escalating rates from global small business, mainly supported by the emerging marketplaces, bode properly.

Estimates for W.R. Berkley’s 2022 base line have jumped 8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} above the earlier 60 days and suggest a 15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} raise from the 12 months-back described number. The predicted extensive-time period expansion level is pegged at 9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. The insurance provider carries an extraordinary VGM Score of B.

Axis Money Holdings is a top specialty insurer and a world-wide reinsurer, aiming leadership in specialty challenges. The company’s focus on making Specialty Insurance, Reinsurance as effectively as Incident and Wellbeing insurance plan portfolio, its potent industry presence, much better pricing, margin enlargement and efficient funds deployment must drive advancement. This Zacks Rank #2 insurance provider continues to be concentrated on small business lines that are very likely to present sound double-digit ROE chances.

Estimates for AXS’ 2022 base line have risen 1.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} about the past 30 days and advise a 22.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} increase from the calendar year-back described range. Axis Cash has an spectacular VGM Rating of A.

Everest Re Group writes house and casualty, reinsurance and insurance policy in the United States, Bermuda and worldwide marketplaces. RE has a big market share in the insurance coverage and reinsurance industry and is envisioned to reward from cash adequacy, economical adaptability, regular danger management abilities, enhanced pricing and its concentration on making a portfolio with a blend toward product or service strains with greater level adequacy and larger very long-time period margins.

Estimates for Everest Re’s 2022 bottom line have greater 1.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} over the earlier 30 times and suggest an 18.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} enhance from the calendar year-in the past reported variety. The envisioned long-expression progress level is pegged at 9.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. This Zacks Rank #2 insurer has an outstanding VGM Score of A.

Kinsale Capital Group provides various coverage and reinsurance solutions across all 50 states of the United States, the District of Columbia, the Commonwealth of Puerto Rico and the U.S. Virgin Islands. This Zacks Rank #2 insurance company is poised for extended-phrase expansion, offered its continued focus on the E&S current market, enhanced revenues, reliable underwriting outcomes and successful capital deployment actions.

Estimates for Kinsale Capital’s 2022 base line have moved 2.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} north above the past 30 days, implying an 18.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} raise from the year-in the past documented range.

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“Leveraged finance jobs are being pulled ahead of Q3 layoffs”

“Leveraged finance jobs are being pulled ahead of Q3 layoffs”

If you might be looking for a new investment banking career in the next fifty percent of this year, you may well need to seem a minor tougher than in advance of. Equally headhunters and bankers who’ve been putting them selves out there say the position current market is softening as revenues fail to appear by.

This is especially apparent in regions like fairness funds marketplaces and leveraged finance, wherever revenues this calendar year had been anticipated to be robust but have unsuccessful to are living up to anticipations. Leveraged finance issuance in May well 2022 was at its least expensive degree due to the fact the chaos of March 2020 as war, rising curiosity fees and pervasive angst took their toll.

Speaking off the history, a single US-based director in leveraged finance origination, suggests he’s observed careers in the location becoming pulled as the 12 months has progressed. “I know a few financial institutions had planned to insert senior people this calendar year, but they’ve pulled the roles. The marketplace is quiet.”

2021 was an epic year for European leveraged personal loan issuance, with $.15 trillion of financial loans issued in accordance to the S&P, additional than double the amount of money of 2020. This calendar year, the European industry has wilted below fears that borrowing costs will rise. It isn’t going to aid that banking institutions have been battling to offload almost $4bn of financial debt affiliated with the $9bn invest in of Morrisons Supermarkets at the end of 2021. Nor does it assistance that the European Central Lender (ECB) has been inflicting supplemental cash rates on banking companies like Deutsche about fears that loans could sour in a increasing price environ,ent. In a observe out these days, Jim Reid Deutsche’s head of thematic exploration, predicts the upcoming recession will start in late 2023 and that just after that, “defaults will start to structurally go bigger again in contrast to the previous two decades.” In 2025, Reid predicts that defaults on large produce credit card debt in the US will peak at 10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} and that the “extremely low default” landscape will thereby come to a unexpected end.

Some banking companies are bucking the development. Credit Suisse CEO Thomas Gottstein explained in April that the lender would be incorporating talent across leveraged finance, M&A and fairness money marketplaces this yr. David Miller, the head of investment decision banking and funds marketplaces at Credit score Suisse reported now that the bank is “again” and pointed to its different activities in the US leveraged finance industry this yr, including the buyout of McAfee Corp, Apollo’s buyout of Novolex, and the actuality that it really is primary a $3.35bn buyout financial loan for program company CDK International Inc.

Even though Credit score Suisse may perhaps be pushing forward in the US, even so, headhunters confirmed that choosing activity is waning for leveraged finance in Europe. “Only important hires are obtaining signed-off,” stated one particular. “The cost drop is affecting sentiment really strongly and it takes a powerful argument to get any individual employed. They’ll make replacement hires but preferably at a reduced expense.”

With headcount constrained, the origination director mentioned current staff are getting pressured to work tougher to protect gaps. “If we’re in a similar condition in September, jobs will be reduce,” he reported. The headhunter agreed: “This is a prelude to cuts in Q3.”

Click on listed here to make a profile on eFinancialCareers. Make your self noticeable to recruiters selecting for top jobs in know-how and finance. 

Have a private tale, idea, or remark you’d like to share? Speak to: sbutcher@efinancialcareers.com in the initially instance. Whatsapp/Signal/Telegram also out there (Telegram: @SarahButcher)

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Asian Stocks Mixed, China Gains Ahead of US Price Data | Business News

Asian Stocks Mixed, China Gains Ahead of US Price Data | Business News

By ELAINE KURTENBACH, AP Company Writer

Shares ended up mixed in Asia on Wednesday with Chinese benchmarks urgent higher following a rally in technological know-how providers helped reverse most of an early slide on Wall Road.

Hong Kong’s Hang Seng rose 1.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 19,853.66 and the Shanghai Composite index climbed 1.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 3,079.40.

Tokyo’s Nikkei 225 extra .3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 26,249.83 whilst the S&P/ASX 200 edged .1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} lessen to 7,041.20. In Seoul, the Kospi was unchanged at 2,596.63.

Buyers are awaiting the release afterwards Wednesday of the Labor Department’s report on consumer price ranges for April. On Thursday, it will launch its report on producer rates, or wholesale costs that effect companies, for April.

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The rate of cost boosts will impact the Federal Reserve’s approach on interest charges and other monetary plan. The problem is that aggressive motion to tame inflation might bring about the financial system to idea into economic downturn.

“Some wait-and-see is largely in area, as individuals refrain from getting on too much pitfalls when awaiting how markets will react to the expected drop in US CPI –- the to start with in 7 months,” Jun Rong Yeap of IG reported in a commentary.

Shares finished mixed on Wall Street Tuesday soon after a rally in technological innovation businesses assisted reverse most of an early slide.

The S&P 500 wound up .2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} bigger at 4,001.05 following supplying up most of an early achieve of 1.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. The Dow Jones Industrial Common fell .3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 32,160.74.

The Nasdaq composite rose 1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 11,737.67.

Large technological innovation stocks, which have been swinging sharply both equally up and down lately, accounted for a great deal of the S&P 500’s turnaround. Apple rose 2.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} and Microsoft rose 2.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

Gains in interaction and well being care stocks also helped carry the industry, outweighing declines in fiscal, real estate and other sectors.

Bond yields were combined. The yield on the 10-year Treasury fell to 2.99{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from 3.08{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} late Monday.

Treasury yields have been soaring and stocks have been particularly risky just lately as Wall Street adjusts to the central bank’s moves to raise curiosity charges from historic lows to combat persistently soaring inflation, which is at its highest levels in four decades.

The central lender has raised its benchmark amount from close to zero, wherever it sat for a great deal of the coronavirus pandemic. Final week, it indicated it will double the sizing of foreseeable future increases.

Bigger rates on raw resources, transport and labor have been slicing into corporate monetary benefits and forecasts. Quite a few businesses have been boosting rates on everything from apparel to foodstuff, increasing worries that individuals will finally cut spending, which would damage economic expansion.

Russia’s ongoing invasion of Ukraine has only greater problems about climbing inflation. The conflict pushed by now higher oil and pure fuel costs even better, though placing much more stress on expenditures for key meals commodities like wheat, Wheat costs are up a lot more than 40{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for the year.

U.S. crude oil selling prices fell 3.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} on Tuesday, but are up about 36{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in 2022. The U.S. benchmark gained $2 to $101.76 per barrel on Wednesday in electronic investing on the New York Mercantile Trade.

Brent crude, the international basis for pricing oil, jumped $2.14 to $104.60 for every barrel.

Investors are examining the most current spherical of corporate earnings with blended final results. Peloton tumbled 7.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} as the previous pandemic darling of traders described effects that were being a great deal weaker than Wall Avenue was anticipating. Foods distributor Sysco rose 8.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} just after beating analysts’ forecasts.

Migraine therapy developer Biohaven Pharmaceutical surged 69{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} following Pfizer said it will obtain the corporation for $11.6 billion. Pfizer already owns a portion of the enterprise.

In currency dealings, the dollar slipped to 130.37 Japanese yen from 130.43 yen. The euro rose to $1.0537 from $1.0532.

Copyright 2022 The Linked Press. All rights reserved. This materials may possibly not be released, broadcast, rewritten or redistributed.

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Stocks rise, tech shares rebound as traders look ahead to Fed, earnings

Stocks rise, tech shares rebound as traders look ahead to Fed, earnings

U.S. stocks turned higher in the first session of May following one of the worst monthly performances for the S&P 500 since the depths of the pandemic in 2020.

The S&P 500, Dow and Nasdaq turned positive in the final hour of trading on Monday. U.S. crude oil prices reversed earlier declines to hover above $105 per barrel, and the benchmark 10-year Treasury yield rose to 3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, or its highest level since December 2018.

Investors this week are bracing for more potentially market-moving events to take place following April’s volatile stretch of trading. The S&P 500 sank by 8.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in April for its worst monthly performance since March 2020. Tech stocks especially were battered, and the Nasdaq Composite slid by 13{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} last month for its worst since October 2008.

The Federal Reserve’s next monetary policy-setting meeting will be especially closely watched in the days ahead, with the central bank poised to release its latest policy statement and hold a press conference with Fed Chair Jerome Powell Wednesday afternoon. Market participants expect the Fed will raise rates by 50 basis points at the end of this meeting, marking the first rate hike of that magnitude since 2000. This would follow the 25 basis-point rate hike the Fed carried out in March, bringing the target range for the federal funds rate to between 0.25{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} and 0.50{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} and raising the low end of the range above zero for the first time since March 2020.

The Fed is also expected to formally announce that it will begin quantitative tightening, or rolling assets off of its $9 trillion balance sheet. The central bank had scooped up assets and added to its balance sheet over the course of the pandemic as another means of helping support the virus-stricken economy. However, expectations for the undoing of this build have stirred up volatility after markets became accustomed to these easy money policies.

And with U.S. GDP growth turning negative for the first time since mid-2020 in the first quarter of this year, some pundits have begun to question whether the Fed will be able to tighten monetary policies without setting off a deeper downturn in economic activity.

“Recession risk has risen, and the financial health of the private sector may ultimately determine whether policy tightening will tilt the economy into a downturn,” Goldman Sachs Chief Economist Jan Hatzius wrote in a note Sunday. “Financial fragility in the private sector has historically amplified the impact of the headwinds confronting today’s expansion: higher interest rates, rapid wage inflation, and slowing growth.”

Meanwhile, earnings season will also press on this week, with a number of closely watched companies from Airbnb (ABNB) to Uber (UBER) and Lyft (LYFT) and Block Inc. (SQ) each reporting results. Heading into this week, 55{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of S&P 500 components had reported actual first-quarter results, and of these, 80{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} topped earnings per share estimates, while 72{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} exceeded revenue expectations, according to data from FactSet.

The expected earnings growth rate for S&P 500 companies in aggregate has also now risen to 7.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, up from the 4.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} seen at the end of March, FactSet noted. Still, if 7.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} remains the actual earnings growth rate for the index in the first quarter, it would mark the slowest rate since the fourth quarter of 2020.

—

4:04 p.m. ET: Stocks rise into the close as tech shares rebound: Nasdaq gains 1.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, S&P 500 adds 0.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

Here were the main moves in markets as of 4:04 p.m. ET:

  • S&P 500 (^GSPC): +23.47 (+0.57{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,155.40

  • Dow (^DJI): +84.29 (+0.26{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 33,061.50

  • Nasdaq (^IXIC): +201.38 (+1.63{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 12,536.02

  • Crude (CL=F): +$0.90 (+0.86{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $105.59 a barrel

  • Gold (GC=F): -$49.00 (-2.56{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,862.70 per ounce

  • 10-year Treasury (^TNX): +10.9 bps to yield 2.9960{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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11:12 a.m. ET: U.S. manufacturing sector expansion unexpectedly slows in April to 20-month low: ISM

The U.S. manufacturing sector expansion unexpectedly slowed during the month of April, with ongoing supply chain and pricing pressures dragging on goods-producing firms’ output.

The Institution for Supply Management’s April manufacturing index dipped to a 20-month low of 55.4 from March’s 57.1. Consensus economists were looking for a reading of 57.6, according to Bloomberg data. Readings above the neutral level of 50.0 indicate expansion in a sector.

The decline “is mostly due to weakening demand amid a broader slowdown in global manufacturing, rather than a renewed supply crunch,” Michael Pearce, Capital Economics senior U.S. economist, wrote in a note. “Most of the weakness in the ISM appears to reflect softening demand, particularly from the rest of the world, rather than a renewed intensification of supply constraints.”

Beneath the headline index, employment saw one of the most marked drops, with the ISM manufacturing employment subindex declining to 50.9 in April from 56.3 in March. More encouragingly, however, the prices paid subindex declined to 84.6, indicating some moderating of inflationary pressures for manufacturers, even as the level remained high by historical standards.

—

9:32 a.m. ET: Stocks open mixed

Here were the main moves in markets as of 9:32 a.m. ET:

  • S&P 500 (^GSPC): +3.80 (+0.09{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,135.73

  • Dow (^DJI): +80.64 (+0.24{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 33,057.85

  • Nasdaq (^IXIC): -6.49 (-0.05{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 12,328.15

  • Crude (CL=F): -$2.96 (-2.83{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $101.73 a barrel

  • Gold (GC=F): -$48.30 (-2.53{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,863.40 per ounce

  • 10-year Treasury (^TNX): +7.2 bps to yield 2.9590{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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7:43 a.m. ET Monday: Stock futures head for a higher open

Here’s where markets were trading Monday morning ahead of the opening bell:

  • S&P 500 futures (ES=F): +7.5 points (+0.18{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,135.00

  • Dow futures (YM=F): +89 points (+0.27{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 32,971.00

  • Nasdaq futures (NQ=F): +27.75 points (+0.22{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 12,879.75

  • Crude (CL=F): -$2.95 (-2.82{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $101.74 a barrel

  • Gold (GC=F): -$32.40 (-1.69{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,879.30 per ounce

  • 10-year Treasury (^TNX): +3.5 bps to yield 2.92{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

NEW YORK, NEW YORK - APRIL 28: Traders work on the floor of the New York Stock Exchange (NYSE) on April 28, 2022 in New York City. The Dow Jones Industrial Average was up in morning trading as markets continued to move through a period of volatility over inflation concerns and the war in Ukraine. (Photo by Spencer Platt/Getty Images)

NEW YORK, NEW YORK – APRIL 28: Traders work on the floor of the New York Stock Exchange (NYSE) on April 28, 2022 in New York City. The Dow Jones Industrial Average was up in morning trading as markets continued to move through a period of volatility over inflation concerns and the war in Ukraine. (Photo by Spencer Platt/Getty Images)

—

Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter.

Read the latest financial and business news from Yahoo Finance

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Stocks resume losses ahead of Big Tech earnings

Stocks resume losses ahead of Big Tech earnings

U.S. stocks plummeted Tuesday, accelerating this month’s sell-off on Wall Street as investors weighed a flurry of corporate reports against a backdrop of inflationary pressures and concerns over an economic slowdown.

The S&P 500 fell 2.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to cap the session, while the Dow Jones Industrial Average shed 800 points, resuming losses after the index briefly recovered on Monday. The tech-heavy Nasdaq Composite tumbled nearly 4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, logging its third biggest drop of the year and marking its lowest close since December 2020. Meanwhile, U.S. Treasury yields retreated, with the 10-year benchmark falling to 2.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

“I do think this is going to continue to be a market where we might have one step forward, two steps back in terms of absorbing some of the headlines that we’re seeing,” JP Morgan Asset Management Global Market Strategist Meera Pandit told Yahoo Finance Live.

April has historically been a strong month for stocks, and has produced a positive return for the S&P 500 in 15 of the last 16 years, LPL Financial’s Ryan Detrick pointed out in a note earlier this month. This month, however, markets were wrought by Russia’s war in Ukraine, continued worries around the Federal Reserve’s rate hiking cycle, inflationary and supply chain pressures, and fears the culmination of these headwinds may result in an economic slowdown.

“We are seeing signs that growth is slowing, and there is talk of a recession in the next year or two,” Brad McMillan, Chief Investment Officer for Commonwealth Financial Network, said in an emailed note, adding however that what we have seen is a “typical, if sharper than usual, market cycle.”

“In the short term, it is painful, but in the longer term? It really doesn’t mean much,” McMillan said. “As long as the economy is basically healthy (which it is) and as long as policymakers are on top of things (which they are), companies will keep growing and making money.”

Investors are in the heart of earnings season, with the S&P 500’s most heavily-weighted components scheduled to report earnings results this week.

Google’s parent company Alphabet (GOOG, GOOGL) kicked off reporting from mega cap tech names, revealing first-quarter sales that were roughly in-line with estimates. The tech giant showed resilience in its key search and YouTube advertising businesses. Shares fell roughly 4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in extended trading.

Facebook parent company Meta (FB), Apple (AAPL), and Amazon (AMZN) are set to report quarterly results on Wednesday and Thursday.

As of Friday, one-fifth of companies in the index have reported results for the first quarter so far, with 79{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} reflecting an earnings beat for the period – above the five-year average of 77{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, according to the latest available data from FactSet. The magnitude of the earnings beat, however, is below the five-year average: 8.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, compared to 8.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

“The lower earnings growth rate for Q1 2022 relative to recent quarters can be attributed to both a difficult comparison to unusually high earnings growth in Q1 2021 and continuing macroeconomic headwind,” John Butters, a FactSet senior earnings analyst, said in a note.

U.S. stocks paralleled movements in global equity markets to start the week, with major stock indexes in Europe and Asia largely falling on renewed concerns a COVID outbreak in China may spur another wave of lockdowns and further disrupt global supply chains.

“I think the most interesting thing happening in China right now is not that the yuan’s moving and not that the economy’s slowing – it’s that everything that’s happening right now, we knew weeks ago,” China Beige Book CEO Leland Miller told Yahoo Finance Live. “We knew that the economy was slowing, we knew they were not going to stimulate in a big way, we knew that lockdowns were spreading from Shanghai to other big cities, we knew the Fed was hiking, we knew there’s a policy crackdown, so it is interesting that people are seeing today as a pivotal moment.”

Elsewhere in markets, shares of Twitter fell 4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, one day after the social media giant formally announced on Monday that it agreed to be acquired by Tesla CEO Elon Musk for $54.20 per share, or $44 billion. Twitter shareholders are set to receive $54.20 in cash for each share held, representing a 38{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} premium over Twitter’s closing level on April 1.

—

4:00 p.m. ET: Stocks plunge, worsening April sell-off

Here were the main moves in markets at Tuesday’s close:

  • S&P 500 (^GSPC): -120.92 (-2.81{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,175.20

  • Dow (^DJI): -810.01 (-2.38{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 33,239.45

  • Nasdaq (^IXIC): -514.11 (-3.95{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 12,490.74

  • Crude (CL=F): +$3.57 (+3.62{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $102.11 a barrel

  • Gold (GC=F): +$5.60 (+0.30{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,901.60 per ounce

  • 10-year Treasury (^TNX): -5.4 bps to yield 2.7720{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

12:04 p.m. ET: S&P 500 falls 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, Dow erases 580 points, Nasdaq tumbles 3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

Here were the main moves in markets as of 12:04 p.m. ET:

  • S&P 500 (^GSPC): -86.24 (-2.01{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,209.88

  • Dow (^DJI): -572.31 (-1.68{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 33,477.15

  • Nasdaq (^IXIC): -408.91 (-3.14{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 12,595.94

  • Crude (CL=F): +$3.05 (+3.10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $101.59 a barrel

  • Gold (GC=F): +$8.00 (+0.42{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,904.00 per ounce

  • 10-year Treasury (^TNX): -8.3 bps to yield 2.7430{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

9:30 a.m. ET: Stocks resume losses to extend April sell-off

Here’s where the main indexes were at the start of trading on Tuesday:

  • S&P 500 (^GSPC): -22.31 (-0.52{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,273.81

  • Dow (^DJI): -224.66 (-0.66{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 33,824.80

  • Nasdaq (^IXIC): +165.56 (+1.29{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,004.85

  • Crude (CL=F): +$1.65 (+1.67{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $100.19 a barrel

  • Gold (GC=F): +$10.90 (+0.57{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,906.90 per ounce

  • 10-year Treasury (^TNX): -7.7 bps to yield 2.7490{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

9:23 a.m ET: Home prices jump nearly 20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} during February

Home price growth in the U.S. accelerated during the month of February, but a slowdown may be underway.

Standard & Poor’s reprted Tuesday that its S&P CoreLogic Case-Shiller national home price index registered a 19.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} gain during the second month of the year, up from 19.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in January. The figure marks the third-highest reading since the index was developed in the 1980s.

The 20-City results were higher than analysts’ expectations of an 19.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} annual gain, according to Bloomberg consensus estimates.

The 10-City Composite annual increase came in at 18.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, up from 17.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in the previous month. The 20-City Composite posted a 20.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} year-over-year gain, up from 18.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in the previous month.

“The macroeconomic environment is evolving rapidly and may not support extraordinary home price growth for much longer,” said Craig J. Lazzara, managing director and global head of index investment strategy at S&P DJI, in a statement. “The post-COVID resumption of general economic activity has stoked inflation, and the Federal Reserve has begun to increase interest rates in response.”

“We may soon begin to see the impact of increasing mortgage rates on home prices,” he added.

—

9:09 a.m ET: PepsiCo ups full-year revenue forecast on higher prices, soda demand

PepsiCo (PEP) reported higher than expected quarterly earnings of $1.29 per share, beating the $1.23 per share analysts had expected, according to Bloomberg consensus data.

The beverage and snacks maker also raised its full-revenue forecast, buoyed by higher prices and a rebound in demand for its sodas at theaters and restaurants. Pepsi now anticipates fiscal 2022 organic revenue to rise 8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, compared with its forecast of a 6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} increase.

During the quarter, the company also reported taking a $241 million charge related to Russia-Ukraine crisis.

“Looking ahead, we will focus on controlling what we can, such as enhancing our focus on productivity and sharpening our revenue management capabilities, while also continuing to make the necessary long-term investments to fortify our businesses and win in the marketplace,” PepsiCo CEO Ramon Laguarta said in the earnings release.

Shares of Pepsi were little changed in pre-market trading.

Pepsi cans are seen at the shop in this illustration photo taken in Krakow, Poland, on March 18, 2022. (Photo by Jakub Porzycki/NurPhoto via Getty Images)

Pepsi cans are seen at the shop in this illustration photo taken in Krakow, Poland, on March 18, 2022. (Photo by Jakub Porzycki/NurPhoto via Getty Images)

—

7:10 a.m. ET: Futures slip after stocks recover from losses in previous session

Here were the main moves in futures trading ahead of Tuesday’s open:

  • S&P 500 futures (ES=F): -16.50 (-0.40{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,276.25

  • Dow futures (YM=F): -130.00 (-0.38{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 33,835.00

  • Nasdaq futures (NQ=F): -62.50 (-0.46{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,473.25

  • Crude (CL=F): -$0.35 (-0.36{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $98.89

  • Gold (GC=F): +$12.70 (+0.67{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,908.70 per ounce

  • 10-year Treasury (^TNX): 0.00 bps to yield 2.8260{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

6:15 p.m. ET Monday: Stock futures muted ahead of earnings reports mega cap earnings

Here’s were stock futures were in post-market trading Monday evening:

  • S&P 500 futures (ES=F): -1.75 (-0.04{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,291.00

  • Dow futures (YM=F): -10.00 (-0.03{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 33,955.00

  • Nasdaq futures (NQ=F): -19.50 (-0.14{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,516.25

  • Crude (CL=F): -$0.10 (-0.00{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $98.66

  • Gold (GC=F): +$3.20 (+0.17{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,899.20 per ounce

  • 10-year Treasury (^TNX): -8 bps to yield 2.8260{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

Read the latest financial and business news from Yahoo Finance

Follow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard, and LinkedIn

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Stocks recover to end 3-day losing streak as traders look ahead to Big Tech earnings; Nasdaq gains 1.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

Stocks recover to end 3-day losing streak as traders look ahead to Big Tech earnings; Nasdaq gains 1.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

U.S. stocks ended higher Monday, erasing earlier losses in the day as concerns over an escalating COVID outbreak in China added to jitters over U.S. economic growth in the face of heightened inflation and monetary policy tightening.

The S&P 500 rose by 0.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to reach 4,296.12. The Dow added more than 200 points, or 0.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, to settle at 34,049.46, and the Nasdaq Composite rose by 1.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to close just above 13,000. U.S. stocks bucked the trend of global equity markets, with the major stock indexes in Europe and Asia largely falling on Monday. U.S. Treasury yields dipped, and the benchmark 10-year yield hovered just above 2.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

West Texas intermediate crude oil futures fell below $100 per barrel, with fears over the economic impact of broadening virus-related restrictions throughout China mounting. Beijing saw a spike in COVID cases over the weekend that prompted more mandatory testing and some lockdowns in the region. And this came as other populous cities including Shanghai have also recently grappled with fresh waves of infections, even as the country works to abolish the virus under a zero-COVID policy.

In a note published last week, Bank of America economist Helen Qiao slashed her forecast for China’s gross domestic product (GDP) growth to 4.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from 4.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for 2022 as the number of lockdowns throughout the country increased.

“COVID-19 lockdowns and restrictions imposed in Shanghai and neighboring cities are not only hitting local demand but also causing logistic breakdowns and widespread supply-chain disruptions within and outside of the area,” Qiao wrote in the note published April 19. “In our view, even if such control measures will ultimately be rolled back and economic activities will gradually normalize by mid-year, a heavy toll on growth already seems inevitable.”

Meanwhile, investors have also been grappling with reassertions from Federal Reserve officials last week that the central bank would be taking a tough stance on reining in inflation. Fed Chair Jerome Powell as well as San Francisco Fed President Mary Daly were among the latest to suggest they saw the case for 50 basis point interest rate hikes this year. These larger-than-typical increases would front-load the Fed’s monetary policy response to inflation in the near-term.

“Mr. Powell once again highlighted the Fed’s focus on elevated prices and the need for policy to move towards neutral to restore price stability. His comments pretty much confirm market expectations of a 50-basis-point hike at the May 3-4 FOMC meeting, which would be the first such move since 2000,” Rubeela Farooqi, chief U.S. economist at High Frequency Economics, wrote in a note. “While Mr. Powell did not comment on the trajectory of policy beyond the May FOMC meeting, other Fed officials — including San Francisco President Daly and Chicago President Evans — have said that a couple of 50-basis-point hikes are possible this year.”

Though Federal Reserve officials are in a quiet period this week ahead of the central bank’s meeting next week, a packed slate of corporate earnings results will pull investors’ attention. In the coming days, a bevy of major companies and stock index components will post results, including Alphabet (GOOGL), Meta Platforms (FB), Apple (AAPL) and Amazon (AMZN).

As of Friday, about one-fifth of S&P 500 companies had reported their actual first-quarter results. Of these, 79{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} topped Wall Street’s earnings estimates, while 69{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} exceeded sales expectations, according to data from FactSet’s senior earnings analyst John Butters. The expected earnings growth rate for the index stood at 6.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} heading into this week, which if carried through the end of reporting season, would mark the slowest growth rate since the fourth quarter of 2020, Butters noted.

—

4:03 p.m. ET: Stocks recover to end 3-day losing streak as traders look ahead to Big Tech earnings: Nasdaq gains 1.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

Here were the main moves in markets as of 4:03 p.m. ET:

  • S&P 500 (^GSPC): +24.34 (+0.57{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,296.12

  • Dow (^DJI): +238.06 (+0.70{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,049.46

  • Nasdaq (^IXIC): +165.56 (+1.29{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,004.85

  • Crude (CL=F): -$2.92 (-2.86{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $99.15 a barrel

  • Gold (GC=F): -$34.70 (-1.79{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,899.60 per ounce

  • 10-year Treasury (^TNX): -8 bps to yield 2.8260{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

2:54 p.m. ET: Twitter announces it will be acquired by Elon Musk

Twitter formally announced it agreed to be purchased by Tesla CEO Elon Musk for $54.20 per share, or $44 billion.

Twitter shareholders are set to each receive $54.20 in cash for each share held, representing a 38{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} premium over Twitter’s closing level on April 1.

“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” Musk said in a press statement. “I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.”

—

12:42 p.m. ET: S&P 500, Dow hold lower, Nasdaq pares some earlier declines

The three major stock indexes traded mostly lower Monday afternoon, though the tech-heavy Nasdaq pared most earlier losses to trade near the flat-line after 12 p.m. ET.

Shares of Chevron, Verizon and Dow Inc. led declines in the Dow Jones Industrial Average, which dropped 0.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} Monday afternoon. In the S&P 500, the energy, materials and utilities sectors lagged, and communication services was the only sector in the green.

The CBOE Volatility Index, or VIX, spiked more than 8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to top 31 for the highest level since March 15.

—

9:31 a.m. ET: Stocks open lower

Here’s where stocks were trading just after the opening bell Monday morning:

  • S&P 500 (^GSPC): -38.31 (-0.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,233.47

  • Dow (^DJI): -278.52 (-0.82{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 33,532.88

  • Nasdaq (^IXIC): -86.85 (-0.68{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 12,757.91

  • Crude (CL=F): -$5.32 (-5.21{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $96.75 a barrel

  • Gold (GC=F): -$31.40 (-1.62{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,902.90 per ounce

  • 10-year Treasury (^TNX): -9.8 bps to yield 2.808{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

7:13 a.m. ET: Coca-Cola tops 1Q expectations

Coca-Cola (KO) reported first-quarter sales and profit that topped Wall Street’s estimates, with broad growth across the beverage giant’s portfolio of brands helping lift results.

Adjusted operating revenue grew 16{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} over last year to reach $10.5 billion, topping consensus expectations for $9.8 billion, according to Bloomberg data. Company-wide unit case volume — a closely watched measure for Coca-Cola — rose 8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, with growth coming most prominently from the company’s nutrition, juice, dairy and plant-based beverages segment, where unit case volume increased 12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. On the bottom line, comparable earnings per share reached 64 cents versus the 58 cents expected.

For the full year, Coca-Cola said it expects its to see commodity price inflation be in the mid-single digit percentages. It also expected the suspension of its business in Russia to generate a 1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} impact to full-year unit case volume, and a 1-2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} impact on net revenues and operating income.

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7:06 a.m. ET: Stock futures decline, adding to last week’s losses

Here’s where stocks were trading Monday morning:

  • S&P 500 futures (ES=F): -36.25 (-0.85{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,231.00

  • Dow futures (YM=F): -270 (-0.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 33,458.00

  • Nasdaq futures (NQ=F): -106.75 (-0.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,246.75

  • Crude (CL=F): -$4.73 (-4.63{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $97.34

  • Gold (GC=F): -$23.10 (-1.19{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,911.20 per ounce

  • 10-year Treasury (^TNX): -6.9 bps to yield 2.837{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

NEW YORK, NEW YORK - MARCH 30: Traders work on the floor of the New York Stock Exchange on March 30, 2022 in New York City. U.S. stocks opened low after rallying to start the week. (Photo by Michael M. Santiago/Getty Images)

NEW YORK, NEW YORK – MARCH 30: Traders work on the floor of the New York Stock Exchange on March 30, 2022 in New York City. U.S. stocks opened low after rallying to start the week. (Photo by Michael M. Santiago/Getty Images)

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Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter.

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