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(Bloomberg) — The S&P 500 Index edged lower to start the week as investors monitored developments in the Middle East and geared up for another busy earnings stretch after solid results sent the gauge to its highest-ever close on Friday.
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The S&P 500 Index fell 0.1% at 9:37 a.m. in New York, with nine of 11 sectors in the red, led by energy and utilities. The benchmark is coming off a five-week rally, capped by strong earnings from tech mega caps. The Nasdaq 100 Index was little changed.
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In earlier trading, futures swung between gains and losses on a report of Iranian missiles hitting a US naval ship, which the US denied. Amid persistent tensions around the vital Strait of Hormuz, which remains essentially shut, West Texas Intermediate crude climbed about 3% before paring the increase.
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“We are in a market that is being carried by the earnings power of a small group of genuinely exceptional companies, lubricated by record buybacks and professional money that knows how to navigate chaos,” Mark Malek, chief investment officer at Muriel Siebert & Co., wrote in a Monday note.
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He flagged a tough backdrop, with unresolved tension in the strait along with slowing growth, re-accelerating inflation and the Federal Reserve likely being on hold for the time being with a new chair about to take over.
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Investors shouldn’t “confuse a narrow rally at all-time highs with a broad green light outcome,” he said.
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Top gainers on Monday included eBay Inc., which added 5.3% after a $56 billion cash and stock offer from GameStop Corp. Palantir Technologies Inc., which is expected to post a 74% increase in revenue year-over-over when it reports after the bell, rose 3.53%.
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Among sectors in focus, package transport companies FedEx Corp. fell 7.20% and United Parcel Service Inc. shed 7.6%, while Amazon.com Inc. advanced 1.1% after launching Amazon Supply Chain Services, extending its freight, distribution, fulfillment and parcel logistics network to businesses beyond its marketplace sellers.
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Meantime, earnings season has delivered better-than-expected results, with the proportion of companies missing analysts’ estimates hovering at the lowest level since 2021.
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Earnings expanded in all 11 sectors, Seaport Chief Equity Strategist Jonathan Golub wrote in a Monday note. Growth has been beating value, with Alphabet Inc., Nvidia Corp., Amazon and Broadcom Inc. contributing the most to S&P 500 returns in April, he said.
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—With assistance from Neil Campling.
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English (US)