1 hour ago
Stocks edged down early on Monday, after the Dow and S&P 500 posted a three-week winning streak, as investors digested a handful of earnings reports and ahead of some key economic data.
The Dow Jones Industrial Average was 22 points lower in early morning trading.
The S&P 500 and the Nasdaq were also down slightly. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, traded near 13.
"Investors are waiting for more in terms of earnings and economic reports," said Michael Sheldon, chief market strategist at RDM Financial Group. "The tone of the market overall remains positive, but the rate of gains may slow down from the rate we've seen over the past several weeks."
Merck stock was down over 2 percent after the drugmaker's earnings edged past expectations, but revenue was short of consensus.
Investors were especially looking to Apple Inc results after the market closes.
The S&P 500 index hit the latest all-time high on Friday, but further gains may be harder to come by given the market's rapid advance this year.
The gains have largely come from expectations that the Federal Reserve would not slow its stimulus policies for several months. The Fed's policy-making committee will meet Tuesday and Wednesday and, according to analysts, is extremely unlikely to alter its policies.
"In the short-term we're overbought and due for a pullback, but with the Fed continuing stimulus investors are looking for a reason to sell and they can't find one," said Adam Sarhan, chief executive of Sarhan Capital in New York.
On the economic front, industrial production rose 0.6 percent in September, logging its largest increase in seven months, according to the Federal Reserve. Economists polled by Reuters had expected industrial output would rise 0.4 percent.
Pending home sales was being reported later on Monday.
© 2013 CNBC LLC. All Rights Reserved
Tidak ada komentar:
Posting Komentar