Tech decline helps bring stocks down

Slumping tech shares led most U.S. stocks lower as investors continue to weigh earnings against a backdrop of trade tensions. The dollar and Treasuries declined.

The Nasdaq 100 Index fell for the first time in three days, led by drops in Tesla, Hasbro and Dish Network. The S&P 500 Index drifted near the key 2,800 level, as losses in energy shares offset gains in financials. Earnings were better-than-expected from the likes of Bank of America Corp. and BlackRock Inc., while there was an upbeat early release from Deutsche Bank AG, but it did little to spur equities. Ten-year Treasury yields rose, while the greenback declined against most peers following strong upward revisions to U.S. retail sales.

Commodities fell, with West Texas Intermediate oil slumping below $70 a barrel as Saudi Arabia was said to offer extra crude supplies to some customers. Emerging-market currencies edged higher.

“If things remain the way they are, where the fundamentals are good, but trade remains a relevant issue, I think we will be doing what we have been doing for the last few months,” Krishna Memani, the chief investment officer at OppenheimerFunds Inc., said by phone. “A two days up, two days down kind of a situation.”

With no fresh signs of a trade war escalation and then fallout from President Donald Trump’s summit with Vladimir Putin, investors will no doubt remain occupied by a slew of numbers coming over the next few days, including economic data and company earnings. Later this week, Federal Reserve Chairman Jerome Powell is expected to lay the groundwork for further tightening.

Key events coming up this week include:

1 Earnings season continues with reports due from companies including: Goldman Sachs, Morgan Stanley, American Express, Microsoft, Taiwan Semiconductor Manufacturing, Unilever, Johnson & Johnson and IBM.

1 The Fed’s Powell delivers the semi-annual Monetary Policy Report to the Senate Banking Committee and answers lawmakers’ questions.