U.S. stocks are mostly subdued in lackluster trade on Monday with investors largely staying cautious amid a lack of triggers. Concerns over imminent interest rate hikes and rising geopolitical tensions also appear to be weighing a bit on sentiment.
Investors, who are awaiting a slew of earnings updates this week, also look ahead to the CPI data and the minutes of the Federal Reserve’s latest monetary policy meeting.
The major averages all moved higher after a flat start, but have come off their highs with stocks failing to find adequate support.
The Dow is up 7.63 points or 0.28 percent at 35,187.37. The S&P 500 is up 4.41 points or 0.1 percent at 4,504.94, while the Nasdaq is up 5.58 points 0.04 percent at 14,103.59.
Amazon Inc. is gaining about 1.2 percent, extending gains from recent sessions. The stock rose on Friday on upbeat earnings report.
Shares of Meta Platforms is down nearly 5 percent, losing ground for the third straight session. The stock crashed last week after the company came out with disappointing results and issued a dismal revenue forecast.
Peloton is gaining more than 16 percent on reports both Amazon and Nike are among the companies looking to acquire the exercise brand.
Tyson Foods is soaring 11 percent on strong results. The meat processor reported net Income attributable to the company for the quarter of $1.12 billion or $1.90 per share, up from $467 million or $1.28 per share in the prior-year quarter. Excluding items, adjusted net income for the quarter was $2.87 per share, compared to $1.94 per share in the year-ago quarter.
ON Semiconductor Corp shares are up 8.5 percent after the company projected earnings in a range of $0.90 or $1.02 per share and adjusted earnings in a range of $0.98 and $1.10 per share on revenues between $1.85 billion and $1.95 billion for the first quarter.
Business News
U.S. Stocks Turning In Lackluster Performance In Cautious Trade
2022-02-07 18:39:26
