U.S. stocks opened lower on Monday, extending the S&P 500’s longest weekly loss streak since 2011, after International Business Machines cut its earnings forecast.
“It’s not the entirety of technology. It’s not the entirety of the whole market, but a down 8 percent IBM is going to take the market down,” said Art Hogan, chief market strategist at Wunderlich Securities. “It had started out a splendid Monday morning.”
IBM shares slid in early New York trading after the technology giant and Dow component posted third-quarter earnings short of estimates. Apple gained ahead of reporting results after the close. Halliburton gained after the supplier of oilfield services increased its quarterly dividend.
The Dow Jones Industrial Average fell about 0.1 percent lower, with IBM pacing losses that extended to 17 of 30 components.
On Friday, U.S. stocks rallied, softening a fourth week of losses, as investors bet on further stimulus from central banks and corporations including General Electric and Morgan Stanley reported profits that topped expectations.
Coming Up This Week:
Earnings: Coca-Cola, McDonald’s, Travelers, Verizon, Discover Financial, Lockheed Martin, VMWare, Harley-Davidson, Intuitive Surgical, Illinois Tool Works, Kimberly-Clark, Six Flags, iRobot, Cree, Omnicom
10:00 a.m.: Existing home sales
Earnings: AT&T, Boeing, Northrup Grumman, EMC, General Dynamics, Norfolk Southern, Abbott Labs, GlaxoSmithKline, Xerox, US Bancorp, Cheesecake Factory, LaQuinta, Varian Medical, Federal-Mogul, Angie’s List, Ryder System, WR Grace, Stanley Black and Decker, Northern Trust, Dow Chemical, ABB, Yelp
8:30 a.m.: CPI
Earnings: Microsoft, Amazon.com, Caterpillar, Celgene, Comcast, Daimler, Eli Lilly, General Motors, MMM, Occidental Petroleum, Juniper Networks, Pandora, Altera, Southwestern Energy, Raytheon, Alaska Air, Dunkin Brands, Sonus, Imax, JetBlue, Under Armour, Southwest Air, Credit Suisse, United Continental, Union Pacific, KKR, Alexion Pharma, Dr. Pepper Snapple
8:30 a.m.: Weekly jobless claims
9:00 a.m.: FHFA Home prices
10:00 a.m.: Leading indicators
Earnings: Bristol-Myers Squibb, Colgate-Palmolive, Ford, UPS, Procter and Gamble, Nasdaq, Delphi Automotive, State Street, Ericsson, Shire
10:00 a.m.: New home sales