US stocks under pressure on growth fears; oil climbs
US stocks struggled for traction on Monday while European stocks pared a drop as investors digested warnings from the world’s financial leaders about the impact of protectionism on growth. Oil climbed amid tension between the US and Iran.
The S&P 500 Index opened slightly lower, with tech shares leading decliners. Treasuries and the dollar were steady. The Stoxx Europe 600 Index edged lower after sudden changes in leadership at Fiat Chrysler hit carmakers, while travel companies also declined after Ryanair posted a 20% decline in first-quarter profit.
Commodities climbed, with WTI oil advancing above $69 a barrel after President Donald Trump warned his Iranian counterpart not to threaten the US. The ratcheting up of rhetoric is offsetting a mixed earnings season, which continues on Monday with Alphabet as the main focus.
US investors are “likely to continue to look to Q2 earnings results for positive offsets to worries about trade disputes and political drama stateside and abroad,” John Stoltzfus, the chief investment strategist at Oppenheimer & Co., wrote in a note to clients Monday. “For now economic and corporate fundamentals appear in good shape and offer positive offsets to trade concerns.”
The S&P 500 Index opened slightly lower, with tech shares leading decliners. Treasuries and the dollar were steady. The Stoxx Europe 600 Index edged lower after sudden changes in leadership at Fiat Chrysler hit carmakers, while travel companies also declined after Ryanair posted a 20% decline in first-quarter profit.
Commodities climbed, with WTI oil advancing above $69 a barrel after President Donald Trump warned his Iranian counterpart not to threaten the US. The ratcheting up of rhetoric is offsetting a mixed earnings season, which continues on Monday with Alphabet as the main focus.
US investors are “likely to continue to look to Q2 earnings results for positive offsets to worries about trade disputes and political drama stateside and abroad,” John Stoltzfus, the chief investment strategist at Oppenheimer & Co., wrote in a note to clients Monday. “For now economic and corporate fundamentals appear in good shape and offer positive offsets to trade concerns.”
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