Stocks were mixed midday Monday as U.S. equities tried to shake off their late summer slump.
The Nasdaq gained 0.4% early Monday, while the S&P 500 was down 0.1%. The Dow Jones Industrial Average lagged its peers, down about 0.6%.
All three major indexes are down so far this month. The Dow has lost 3%, the S&P 500 has slipped 4.8% and the Nasdaq has dropped 7.4%. Stocks have been under pressure from rising bond yields and a rocky Covid recovery in China.
Chinese stocks slumped again Monday after banks cut a key interest rate less than economists had expected, highlighting the country’s need to promote growth and maintain stability. European stocks were losing ground in afternoon trading after rising this morning. Bond yields renewed their climb Monday morning after edging down Friday.
This week we’ll get quarterly earnings reports from market darling Nvidia (NVDA) Wednesday afternoon, as well as more results from retailers, including Lowe’s (LOW) on Tuesday and Dollar Tree (DLTR) on Thursday. Other big names reporting include Baidu Inc. (BIDU), Snowflake Inc. (SNOW), Autodesk (ADSK), and Intuit Inc. (INTU).
