Wall Street stocks closed sharply lower on Monday as investors looked past some solid retail sales numbers amid ongoing tensions in the Middle East.
At the close, the Dow Jones Industrial Average was down 0.65% at 37,735.11, while the S&P 500 lost 1.20% to 5,061.82 and the Nasdaq Composite saw out the session 1.79% weaker at 15,885.02.
The Dow closed 248.13 points lower on Monday, extending losses recorded on Friday as investors digested earnings from a number of big-name US banks.
Focus on Monday was firmly centred on Iran’s launch of drones and missiles on Israel over the weekend, the first direct attack on Israel from Iranian territory, and while the bulk of the threats were intercepted, traders remained concerned regarding potential retaliation from Israeli president, Isaac Herzog, who branded the strike a “declaration of war”.
On the macro front, retail sales were up 0.6% month-on-month in February, according to the Census Bureau, following an upwardly revised 1.1% fall in January but below market forecasts for a 0.8% increase and suggesting a potential slowdown in consumer spending.
Following the report, the yield on the benchmark 10-year Treasury note rose more than seven basis points to 4.608% – its highest point since mid-November.
Elsewhere, the NY Empire State manufacturing index fell to -20.9 in March, down from -2.4 in February and significantly worse than forecasts for a reading of -7. Demand softened as new orders declined to -17.2 and shipments dropped to -6.9.
On another note, total business inventories, a key component of gross domestic product, rose by 0.4% month-on-month in February, according to the Census Bureau, following an unrevised reading for January and ahead of market forecasts of a 0.3% increase.
Finally, the National Association of Home Builders‘ housing market index was unchanged in April at 51.0, its highest level since July 2023, with the gauge for current sales conditions increasing one point to 57, and the component gauging traffic of prospective buyers improving by one point to 35.
In the corporate space, Goldman Sachs traded higher on the back of quarterly earnings that came in ahead of expectations on both the top and bottom lines, while Tesla shares headed south after news broke that the electric vehicle manufacturer will lay off roughly 10% of its workforce on the back of falling global sales, and Salesforce weighed on the Dow as shares sunk on the back of a report that the software giant was in discussions to acquire data management firm Informatica.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones – Risers
Goldman Sachs Group Inc. (GS) $400.88 2.92%
Intel Corp. (INTC) $36.31 1.74%
Unitedhealth Group Inc. (UNH) $445.63 1.46%
Nike Inc. (NKE) $93.10 1.20%
Verizon Communications Inc. (VZ) $40.11 0.98%
Merck & Co. Inc. (MRK) $126.19 0.36%
American Express Co. (AXP) $218.40 0.09%
Procter & Gamble Co. (PG) $155.45 0.08%
JP Morgan Chase & Co. (JPM) $182.89 0.05%
Johnson & Johnson (JNJ) $147.59 0.05%
Dow Jones – Fallers
Salesforce.Com Inc. (CRM) $272.90 -7.28%
Apple Inc. (AAPL) $172.69 -2.19%
Microsoft Corp. (MSFT) $413.64 -1.96%
Visa Inc. (V) $271.26 -1.70%
Home Depot Inc. (HD) $337.93 -1.44%
Walgreens Boots Alliance, Inc. (WBA) $17.65 -1.12%
Boeing Co. (BA) $167.82 -1.02%
Walt Disney Co. (DIS) $112.95 -0.93%
Chevron Corp. (CVX) $157.59 -0.86%
Amgen Inc. (AMGN) $265.51 -0.66%
S&P 500 – Risers
M&T Bank Corp. (MTB) $140.94 4.74%
Goldman Sachs Group Inc. (GS) $400.88 2.92%
Centene Corp. (CNC) $72.72 2.81%
Cardinal Health Inc. (CAH) $107.03 1.84%
Intel Corp. (INTC) $36.31 1.74%
Charles Schwab Corp. (SCHW) $71.23 1.71%
General Mills Inc. (GIS) $67.32 1.69%
ConAgra Brands Inc (CAG) $29.76 1.54%
Unitedhealth Group Inc. (UNH) $445.63 1.46%
Progressive Corp. (PGR) $206.59 1.32%
S&P 500 – Fallers
Salesforce.Com Inc. (CRM) $272.90 -7.28%
Nordstrom Inc. (JWN) $17.77 -6.77%
Nektar Therapeutics (NKTR) $1.57 -5.99%
Globe Life Inc. (GL) $55.81 -5.55%
TripAdvisor Inc. (TRIP) $25.47 -4.75%
Illumina Inc. (ILMN) $121.16 -4.65%
Vornado Realty Trust (VNO) $26.17 -4.56%
AES Corp. (AES) $16.16 -4.09%
Hanesbrands Inc. (HBI) $4.69 -3.30%
Align Technology Inc. (ALGN) $304.74 -3.25%
Nasdaq 100 – Risers
Intel Corp. (INTC) $36.31 1.74%
Kraft Heinz Co. (KHC) $36.31 1.03%
Liberty Global plc Series A (LBTYA) $16.78 0.72%
Trip.com Group Limited (TCOM) $49.20 0.72%
Liberty Global plc Series C (LBTYK) $17.37 0.35%
Starbucks Corp. (SBUX) $85.17 0.29%
Hologic Inc. (HOLX) $77.54 0.27%
Vertex Pharmaceuticals Inc. (VRTX) $397.36 0.20%
Comcast Corp. (CMCSA) $39.43 0.15%
Dollar Tree Inc (DLTR) $125.36 0.14%
Nasdaq 100 – Fallers
Tesla Inc (TSLA) $161.48 -5.59%
Illumina Inc. (ILMN) $121.16 -4.65%
Align Technology Inc. (ALGN) $304.74 -3.25%
Autodesk Inc. (ADSK) $229.62 -3.11%
Check Point Software Technologies Ltd. (CHKP) $157.63 -2.54%
Netflix Inc. (NFLX) $607.15 -2.52%
Broadcom Inc. (AVGO) $1,310.69 -2.48%
Nvidia Corp. (NVDA) $860.01 -2.48%
Synopsys Inc. (SNPS) $543.91 -2.38%
Meta Platforms Inc. (META) $500.23 -2.28%
