April 19 Reuters The SP 500 and the Dow were set to slip from record levels on Monday as investors looked to the firstquarter earnings season for hints that corporate America was recovering from the impact of the COVID19 pandemic.
CocaCola Co rose 1 in premarket trading after the worlds largest beverage maker trounced estimates for quarterly profit and revenue, benefiting from the easing of pandemic curbs and vaccine rollouts.
Another bluechip company, IBM Corp, is slated to post its results after markets close.
The market is waiting to see if blowout earnings in banks will continue to other sectors, said Thomas Hayes, chairman of Great Hill Capital.
On of the things the market is looking for is increased participation among tech stocks which have lagged in 2021.
A recent pullback in the benchmark 10year bond yield from 14month highs has renewed interest in richly valued technology stocks, while a string of strong economic data has also helped push the SP 500 and the Dow to record levels.
The SP 500 has risen for the past four weeks, its longest winning streak since August 2020.
About 79 SP 500 companies are due to report earnings this week including Johnson Johnson, Netflix Inc, Intel Corp, Honeywell and Schlumberger, according to Refinitiv IBES data.
At 0829 a.m. EDT, Dow Eminis were down 70 points, or 0.21, SP 500 Eminis were down 10.25 points, or 0.25 and Nasdaq 100 Eminis were down 59.25 points, or 0.42.
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