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U.S. stock indexes traded mostly lower Monday morning, even after strong results from Apple, as Wall Street aims to cap another ugly week with losses and the S&P 500 index is in jeopardy of entering correction.
Reporting ahead of the market open, Caterpillar shares were rising and Chevron stock fell, as investors also got updates on U.S. inflation and consumer spending data.
- The S&P 500 index SPX slipped 0.6% to 4,299, falling more than 10% below its Jan. 3 closing peak, which would meet the commonly used criteria for a correction.
- The Dow Jones Industrial Average DJIA fell around 0.7%, or 242 points, to 33,928.
- The Nasdaq Composite Index COMP fell 43 points, or 0.3%, to 13,317.
In corporate news, Apple shares
AAPL,
were rising after the iPhone maker outperformed Wall Street’s earnings expectations for the holiday quarter, and executives forecast continued revenue growth in the current quarter. Earnings topped $30 billion for the first time, and the results mark a high point in a thus-far mixed reporting season.
In economic news, a measure of U.S. inflation preferred by the Federal Reserve climbed 5.8% in 2021 after another sharp increase in December. Employment costs rose 1% in the fourth quarter. At 10 a.m. Eastern, investors will get the University of Michigan consumer sentiment index for January.
