Stocks fall at start of busy earn­ings week

The Denver Post - - BUSINESS - By Stan Choe

NEW YORK» Stocks mostly fell on Mon­day, and broad-mar­ket in­dexes inched mod­estly back­ward at the start of a busy week of cor­po­rate earn­ings re­ports and a meet­ing of the Fed­eral Re­serve. Tech­nol­ogy stocks, though, added to their big gains for the year and helped push the Nas­daq com­pos­ite to an­other record.

The Stan­dard & Poor’s 500 lost 2.63 points, or 0.1 per­cent, to 2,469.91 af­ter nine of the 11 sec­tors that make up the in­dex logged losses. It marks the first three-day los­ing streak for the in­dex in a month, al­though it’s still within a frac­tion of a per­cent of its record.

The Dow Jones in­dus­trial av­er­age fell 66.90 points, or 0.3 per­cent, to 21,513.17. The Nas­daq com­pos­ite rose 23.06 points, or 0.4 per­cent, to 6,410.81.

The Nas­daq is up 19.1 per­cent this year, nearly dou­ble the rise for broader-mar­ket in­dexes as in­vestors have massed into tech­nol­ogy stocks in their search for strong growth as the global econ­omy re­mains slug­gish. Ama­zon.com and sev­eral other big-name tech com­pa­nies are set to re­lease their sec­ond-quar­ter re­sults in com­ing days, part of a busy week where more than a third of S&P 500 com­pa­nies are due to re­port.

Ex­pec­ta­tions are high: An­a­lysts fore­cast tech stocks in the S&P 500 will re­port 16 per­cent growth in earn­ings per share, ac­cord­ing to S&P Global Mar­ket In­tel­li­gence. That’s up from a fore­cast of 10.9 per­cent growth a month ago.

Mon­day’s steep­est loss in the S&P 500 came from Has­bro, which sank $10.95, or 9.4 per­cent, to $105.00 de­spite re­port­ing stronger-than-ex­pected earn­ings for the lat­est quar­ter. An­a­lysts said some in­vestors may have been ner­vous af­ter Has­bro cited some soft­ness in its Brazil and U.K. mar­kets.

In the com­modi­ties mar­ket, bench­mark U.S. crude rose 57 cents, or 1.2 per­cent, to $46.34 per bar­rel. Brent crude, the stan­dard for in­ter­na­tional oil prices, rose 54 cents, or 1.1 per­cent, to $48.60 a bar­rel.

Richard Drew, The As­so­ci­ated Press

Spe­cial­ist Peter Gi­ac­chi, back­ground cen­ter, han­dles the close of trad­ing of Reynolds Amer­i­can on the floor of the New York Stock Ex­change on Mon­day.

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