- Stocks were mixed Monday ahead of a busy week for earnings.
ADVERTISEMENT
Stocks close mixed as earnings season fails to boost Wall Street
Wall Street was mixed on Monday despite strong gains in Shanghai and the peak of corporate earnings season.
Wall Street was mixed on Monday as strong gains in Shanghai and the start of a busy week for corporate earnings failed to calm nerves about rising rates and the prospect of slowing economic growth around the world.
"Transitions occurring in interest rates and in the way trade is conducted globally are causing investor sentiment to become unsettled," John Stoltzfus of Oppenheimer Equity Research said in an email.
Chinese stocks saw a sharp recovery overnight, with the Shanghai Composite gaining nearly 5% as . After
ADVERTISEMENT
After losing business with long-time customer Toys 'R' US, toymaker Hasbro missed analyst expectations in the third quarter. Toys 'R' Us, the largest toy retailer in the world, filed for bankruptcy last year.
European stocks were also modestly higher after the ratings agency Moody's left Italy in investment grade territory in a report, easing some concerns about the populist government's plans to sharply increase public spending. But it also cut Rome's credit rating in the report to one level above junk. On Monday, Italy continued to clash with European Union officials who have called Rome's budget "unprecedented."
Energy stocks sank more than 1% as Halliburton lowered its outlook for the rest of the year. Meanwhile, oil rebounded after the Trump administration outlined requirements for Iran sanctions waivers. Prices had earlier fallen on an announcement that Saudi Arabia would not roll out an oil embargo amid tensions with Washington.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
ADVERTISEMENT