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Coronavirus fallout: Dow, S&P 500 fall as investor focus shifts to earnings; Nasdaq gains

S&P banking subsector fell 4.1%, with JPMorgan Chase & Co and Wells Fargo & Co set to report on Tuesday and analysts expecting a bleak outlook for the year

twitter-logoReuters | April 14, 2020 | Updated 09:46 IST
Coronavirus fallout: Dow, S&P 500 fall as investor focus shifts to earnings; Nasdaq gains
Stocks pared losses late in the day, with the Nasdaq registering its first three-day streak of gains since Feb. 12

The Dow and S&P 500 fell on Monday as U.S. companies prepared to kick off a quarterly earnings season expected to be rough due to the coronavirus pandemic, while Amazon.com gains helped the Nasdaq end higher.

Stocks pared losses late in the day, with the Nasdaq registering its first three-day streak of gains since Feb. 12. Amazon.com gave the index its biggest boost, gaining 6.2% as the retail giant said it would hire 75,000 more people amid a surge in demand for online orders.

The S&P banking subsector fell 4.1%, with JPMorgan Chase & Co and Wells Fargo & Co set to report on Tuesday and analysts expecting a bleak outlook for the year.

Volume was lighter than usual with European and other markets still closed following Easter Sunday, but investors are also bracing for earnings news from companies, said Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey.

Also read: PM Modi Speech Live Updates: Coronavirus lockdown extension in India; COVID-19 tally crosses 10,000-mark

Also read: Coronavirus impact: India worst hit stock market; China least-affected

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