U.S. stocks plummeted Monday as investors return over the holiday weekend and prepare for another busy week of corporate earnings.
The S&P 500 has declined to defer its previous gains. Each Dow and Nasdaq also declined slightly. Treasury bears improved fruit, with an average yield of 10 years over 2.8%. The future of the crude oil interior of the U.S. West Texas rose and expanded last week's profits.
For equals investors, the pay season will remain stable this week as several major companies including United Airlines (UAL), American Express (AXP), Netflix (NFLX) and Tesla (TSLA) each report its latest quarterly results. This will follow a mixed salary of last week's big bank, with several companies including Morgan Stanley, JPMorgan Chase and Goldman Sachs leading the metrics while warning of impending uncertainty due to inflation and the ongoing Russia-Ukraine crisis.
To date, approximately 7% of the S&P 500 index components reported actual Q1 results and 77% of these have exceeded Wall Street earnings per share (EPS), equivalent to a five-year average, according to data. This week, the S&P 500's average wage growth rate stands at 5.1%. If maintained, this will mark the lowest growth rate index in the fourth quarter of 2020.
Some strategists also suggest that investors look at volatile growth during the quarterly reporting period, as companies face higher inflation levels over decades, supply chain challenges and global turmoil.
"I think we are in a difficult time leading the way, only because when people give direction [last quarter], the installation costs have been much worse than they expected," Rhys Williams, chief strategist at Spouting Rock Asset Management, told, Williams added that many companies last issued a directive before Russia invaded Ukraine in late February and also raised concerns about the supply of chains and global markets.
"So you have a further increase in costs. And then at the same time, the buyer got a little rockier in March. So I expect there to be a loss of revenue," Williams said. "That is probably a sign that there are going to be some very bad surprises, certainly a lot bigger compared to the last four or five quarters, when the salary news was very exciting."
9:31 a.m. ET: Shares are slowly opening up
Here is where the markets were trading just after opening the bell on Monday morning:
9:20 a.m. ET: Higher interest rates for Bank of America
The Bank of America (BAC) reported that earnings in the first quarter were higher than expected, and working in the major consumer banking sector helped boost results.
Consumer bank revenues for the first quarter grew by 9%, reaching $ 8.8 billion for the quarter ending March. In total, interest on expenditure on interest rates reached $ 23.23 billion, or in line with compliance rates, according to data. And interest rates increased by 13% to $ 11.6 billion, "supported by strong credit growth and deposit growth," chief financial officer Alastair Borthwick said in a statement.
Trade and trade revenue reached $ 4.7 billion, according to Bank of America, which, while falling 7% last year, exceeded $ 4.3 billion. Shares sales and trading revenues alone grew by 9.5% reaching a quarterly record of $ 2 billion.
7:17 a.m. ET: Stock futures fall, extending last week's losses
Here's where stocks were trading Monday morning:
