People wearing face masks walk past a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange in Hong Kong Monday, April 19, 2021. Asian shares were mixed Monday amid cautious optimism about a global rebound from the coronavirus pandemic. (AP Photo/Vincent Yu)
People walk past a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange in Hong Kong Monday, April 19, 2021. Asian shares were mixed Monday amid cautious optimism about a global rebound from the coronavirus pandemic. (AP Photo/Vincent Yu)
A man wearing a face mask walks past a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange in Hong Kong Monday, April 19, 2021. Asian shares were mixed Monday amid cautious optimism about a global rebound from the coronavirus pandemic. (AP Photo/Vincent Yu)
In this Nov. 5, 2020 file photo, a sign for Wall Street is carved in the side of a building. Stocks are easing lower in early trading on Wall Street, pulling major indexes slightly below the record highs they reached last week. The S&P 500 was down 0.2% in the early going Monday, April 19, 2021, and the Dow Jones Industrial Average fell 0.4%. (AP Photo/Mark Lennihan, File)
Stocks were broadly lower in afternoon trading on Monday, easing off of their latest record highs from last week.
Most of investors' attention will turn to company earnings, as the busiest time for quarterly results will be this week and next.
The S&P 500 index was down 0.6% as of 12:47 p.m. Eastern. The Dow Jones Industrial Average was down 188 points, or 0.6% to 34,011 and the Nasdaq fell 1.4%.
Technology stocks were the biggest weight on the market, but the losses were shared broadly by a mix of banks, energy companies and others that rely on direct consumer spending. Chipmaker Intel fell 2.3%, Capital One fell 1.4% and Valero fell 3.6%.
Tesla fell 3.8% for one of the biggest drops in the S&P 500 after two people were killed in Texas in a crash of one of its models. Authorities say there was no one in the driver’s seat at the time of the crash. It's not clear whether the car’s driver-assist system was being used.
Earnings are front and center this week, as investors look to justify the recent rise in stock prices with the profits needed to keep the market fueled in this recovery. On average analysts are expecting profits across the S&P 500 to be up 24% from a year earlier, according to FactSet.
Eighty one out of the 500 members of the S&P 500 will report this week, as well as 10 out the 30 members of the Dow, including Johnson & Johnson, Verizon Communications and Intel.
Coca-Cola rose 0.6% after beating Wall Street's first-quarter profit forecasts and giving investors an encouraging update on improving sales. Harley-Davidson jumped 11.1% after handily beating analysts' profit forecasts.
The bond market was relatively stable. The yield on the 10-year Treasury note rose to 1.59% from 1.57% late Friday. Outside of earnings, a good amount of investor attention is focused on the bond market as government stimulus and the recovering economy have led to concerns about inflation.
Peloton fell 9.7% after regulators issued a safety notice over the exercise equipment company's new treadmill. The company hasn't been forced to recall the treadmill, and it's fighting the issue.
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7 Internet of Things Stocks That Are a Perfect Fit to Our Connected FutureWhen you say the Internet of Things (IoT) you may get different responses. I like to think of it broadly as being about connection. It’s about devices that can connect with each other, and with the internet. And this provides users with the solutions that are making our lives more convenient.
The most basic, and ubiquitous, example of an IoT device is the smartphone that many of us have with us at all times. But think about what that has led to. Home assistants, security cameras, fitness apps, and so much more are all enabled by the internet of things.
IoT took on even more importance in the pandemic as businesses had to find a way to ensure the security and viability of their networks even as their employees were scattered remotely. This created demand for edge and cloud computing solutions that are also facilitated by the internet of things.
And yes, this is just the start. The need for more and more data is powering demand for IoT solution in areas such as autonomous vehicles.
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View the "7 Internet of Things Stocks That Are a Perfect Fit to Our Connected Future".
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