Stocks Kick Off Week With Losses as Earnings Season Approaches

A new round of corporate earings will start to trickle in later this week

Digital Content Manager
Jul 11, 2022 at 4:26 PM
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Stocks kicked off the week on a low note as the Dow shed 164 points, while the S&P 500 logged a notable drop of its own, and the Nasdaq took a more than 2% haircut. All eyes are on the upcoming earnings season, with several big reports slated for later this week. Meanwhile, Elon Musk's termination of his $44 billion deal to buy Twitter (TWTR) was big news today, sending the social media stock to its lowest close since mid-March. Record inflation expectations from a New York Federal Reserve survey also weighed on equities, though the 10-year Treasury yield took a slight breather, falling just below 3%.

Continue reading for more on today's market, including:

  • How Mosaic stock could piece together a sizeable win this month. 
  • What to expect for Delta Air Lines stock ahead of earnings. 
  • Plus, the ride share stock rolling lower; behind Goldman's latest bull note; and options traders target SHOP.

The Dow Jones Average (DJI -  31,173.84) shed 164.3 points, or 0.5% for the day. Merck (MRK) led the gainers, adding 1.6%. Nike (NKE) paced the laggards with a 2.6% fall.

The S&P 500 Index (SPX - 3,854.43) lost nearly 45 points, or 1.2% for the day. Meanwhile, the Nasdaq Composite (IXIC - 11,372.60) shed 262.7 points, or 2.3% for the session.

Lastly, the Cboe Market Volatility Index (VIX - 26.17) added 1.5 point, or 6.2% for the day.

closing summary July11

nyse nasdaq July11

5 Things to Know Today

  1. According to a report from Redfin, Americans are terminating deals to buy homes at the fastest rate since the start of the pandemic, with cancelations coming in just under 15% in June. (CNBC)
  2. It was just announced that the lower house of Russian parliament will meet on July 15 for an extraordinary session to discuss amendments on competition and information policy, among other issues. (Reuters)
  3. What sent Uber stock lower today. 
  4. The toy stock ticking higher after a bull note from Goldman Sachs. 
  5. Options traders are eyeing this struggling e-tail name

There were no earnings of note today.

UVOL July11

Rise in Covid Cases Sparks Fears That Oil Demand May Slow

Oil futures fell on Monday as fears over a Covid-related slowdown in demand gripped investors. Elsewhere, Russia announced that it shut down its Nord Stream 1 pipeline for routine maintenance until July 21, sparking supply concerns. August-dated crude lost $0.70, or 0.7%, to settle at $104.09 per barrel for the day.

Gold continued its freefall today, coming off its fourth-straight weekly loss and dropping to its lowest close since September 2021 as the US. dollar continued to harden. August-dated gold lost $10.60, or 0.6%, to close at $1,731.70 an ounce.

 

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