Wall Street ended Monday's session mixed ahead of the start of corporate earnings season. Many stocks had their first performance decline in three session, with Nasdaq being the major benchmark ending Monday in positive territory. Several companies that are slated to declare earnings this week have already removed their earning guidance and cut their profit forecasts due to the coronavirus outbreak.
President Donald Trump tweeted on Monday that the decision to reopen the economy will ultimately be his: "For the purpose of creating conflict and confusion, some in the Fake News Media are saying that it is the Governors decision to open the states, not that of the President of the United States & the Federal Government. Let it be fully understood that this is incorrect. It is the decision of the President, and for many good reasons. With that being said, the Administration and I are working closely with the Governors, and this will continue. A decision by me, in conjunction with the Governors and input from others, will be made shortly!"
Here's how the stock market ended to start the week:
S&P 500 Index (NYSE: SPY): -1.01% or -28.19 points to 2,761.63
Dow Jones Industrial Average (NYSE: DIA): -1.39% or -328.60 points to 23,390.77
Nasdaq Composite Index (NASDAQ: QQQ): +0.48% or +38.85 points to 8,192.42
In Major Stock News, Caterpillar (NYSE: CAT) shares dropped over 8% after the construction giant was downgraded by an Bank of America (NYSE: BAC), with the investment bank stating "energy and mining stocks are signaling another severe capital spending downturn in two of CAT's most important end markets." Scworx Corp (NASDAQ: WORX) the health information company stock increased over 400% on Monday after it announced that a health-care network has agreed to purchase some 48 million COVID-19 rapid testing kits over the next several weeks. "Widespread testing for COVID-19 disease in the United States is absolutely critical for saving lines and reopening our economy," CEO Marc Schessel issued in a statement. Ford (NYSE: F) shares dropped after the automaker warned that the coronavirus had impacted its first-quarter performance. AMC Entertainment (NYSE: AMC) shares plummeted after the New York Post reported that the chain may soon be filing for bankruptcy.
In Stock Sector News, most sectors ended Monday with negative performance as investors weighed the upcoming corporate earnings and ongoing coronavirus economic fallout. The few that had performance increases include Consumer Discretionary +1.10%, Information Technology +0.20% and Communication Services +0.09%. The rest that posted negative performance were as follows: Real Estate -4.59%, Financials -3.58%, Utilities -3.28%, Industrials -2.86%, Materials -2.13%, Health Care -0.98%, Consumer Staples -0.76% and Energy -0.41%.
In Commodity and Currency News, oil recorded mixed prices on Monday following the historic OPEC+ deal. West Texas Intermediate (NYSE: USO) increased +1.92% and Brent Crude (NYSE: BNO) fell -0.53%, bring barrel prices between $22-$32. Gold (NYSE: GLD) prices continue to rise into Monday, with the yellow metal's price per ounce jumping +0.22% to cost $1,718. Finally, the U.S. Dollar (NYSE: UPP) ended the say unchanged from Friday's level.