US stocks opened Monday’s trading session lower after a turbulent week that ended with the Dow closing above 50,000 for the first time, as investors face another busy schedule of earnings and economic data.
Shortly after the opening bell on Wall Street, the Dow Jones Industrial Average (^DJI) fell 0.2%, logging the narrowest losses among the major averages. Meanwhile, the S&P 500 (^GSPC) fell closer to 0.3%, while those on the tech-heavy Nasdaq Composite (^IXIC) dropped 0.5% at the market open.
Wall Street continues to debate the AI disruption risk to software companies, with a sharp decline in shares of monday.com to start the week the latest sign of unease towards the sector. That stock fell as much as 22% after the company offered revenue and profit guidance that fell short of Wall Street forecasts.
Gold (GC=F) and bitcoin (BTC-USD) also remained in focus for investors, with gold futures rising back above $5,000 an ounce on Monday while bitcoin fell back below $69,000. Both assets were hit hard last week, with bitcoin suffering its sharpest daily decline since 2022 on Thursday.
On the economic data side, investors will remain in wait-and-see mode until Wednesday, with the Bureau of Labor Statistics is set to release the delayed January jobs report. The focus will be on whether further signs cracks in the labor market emerge ADP’s private-sector payrolls update last week fell short. Inflation data from the BLS is also set for release Friday morning.
On the earnings front, ON Semiconductor (ON) will release results after the close Monday, with key results later this week expected from Coca-Cola (KO), McDonald’s (MCD), and Cisco (CSCO).
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