Stocks fell as investors mulled the latest political developments and as they gear up for corporate earnings reports, which pick up later this week.
The S&P 500 lost 0.2%. Meanwhile, the Dow slid 0.1% and the more tech-heavy Nasdaq slumped 0.2%. Trading was lighter than usually as the bond market was closed for the Columbus Day holiday.
First up, the scoreboard:
- Dow: 22,753.76, -19.91, (-0.09%)
- S&P 500: 2,543.72, -5.49, (-0.22%)
- Nasdaq: 6,579.14, -11.19, (-0.17%)
- US 10-year yield: 2.36%, -0.01
- WTI crude oil: $US49.55, +0.26, +0.53%
1. Earnings season, the most important time of the year for stocks, is almost here. Banks across Wall Street think the upcoming results will be good for stocks, but for different reasons.
2. The stock market just flashed a dangerous warning signal. The S&P 500’s relative strength index just crossed above 70, indicating the index is overbought, and signalling potential selling to come.
3. Goldman Sachs says gold got rejected at a key level and could be setting up for a big drop. The yellow metal has raced to a gain of more than 10% so far this year as the US dollar has stumbled amid President Donald Trump’s inability to deliver on campaign proposals.
4. Bitcoin is closing in on its all-time high. The price of the red-hot currency was up more than 4% on Monday, above $US4,800 a coin, and is less than $US200 shy of its all-time high of $US4,983.
5. Macquarie says central banks have tricked investors and created a ‘doomsday machine.’ Analysts at the firm say any policy mistake could undo their efforts and shake up the global economy.