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Wall Street ends lower ahead of economic data, earnings
Market leading growth stocks pulled all three major US stock indexes into negative territory, with risk-off sentiment exacerbated by Macau's first casino shutdown in over two years to curb the spread of COVID-19.
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A Wall Street sign is seen outside of the New York Stock Exchange during morning trading on June 08, 2022 in New York City, US. (Getty Images/AFP/Michael M. Santiago)
U
S stocks lost ground on Monday as a lack of catalysts left market participants warily embarking on a week back-end loaded with crucial inflation data and the unofficial beginning to second-quarter earnings season.
Market leading growth stocks pulled all three major US stock indexes into negative territory, with risk-off sentiment exacerbated by Macau's first casino shutdown in over two years to curb the spread of COVID-19.
"It’s a nervous market," said Rob Haworth, senior investment strategist at US Bank Wealth Management in Seattle. "It’s all about the kick-off to earnings season and what inflation (data) tells us."
"We know inflation is being driven by supply constraints, and China is an important factor," Haworth added. "And (the Macau shutdown) threw a cold blanket on the market this morning."
Results from big banks, including JPMorgan Chase & Co, Citigroup Inc, and Wells Fargo & Co, are expected to launch second-quarter reporting season later this week.
The S&P 500 Banking index slid 1.0 percent.
Analysts expect steep plunges of year-on-year profits as the companies grow their loan loss reserves, fueling fears of impending recession.
