US stocks slip from record highs amid growth concerns ahead of Big Tech earnings
- All three major stock indexes pulled back on Monday after last week's record highs.
- Earnings season ramps up this week with Tesla and Facebook reports on deck.
- The Federal Reserve will hold a two-day policy meeting starting Tuesday.
All three of Wall Street's key benchmarks slipped. Blue-chips tracked by the
The Fed's two-day meeting that begins Tuesday and ends on Wednesday will likely produce commentary about its outlook on domestic and global economic recovery and investors will gauge when the Fed may begin tapering asset purchases or start raising interest rates.
Here's where US indexes stood at 9:30 a.m. on Monday:
- S&P 500: 4,408.68, down 0.07%
- Dow Jones Industrial Average: 35,029.39, down 0.09% (32.16 points)
- Nasdaq Composite: 14,795.20, down 0.27%
Investors have a slew of earnings reports to plow through this week as more than one-third of S&P 500 companies are set to report results. Tesla's report is due after the bell Monday, followed by Alphabet, Apple, Microsoft on Tuesday, and Facebook on Wednesday. The broader tech industry was in focus on Monday, with the Hong Kong's Hang Seng sliding 3.8% on worries about the Chinese government continued crackdown on the industry and others. The Shanghai Composite fell 2.3%.
Gold fell 0.9%, to $1,805.39 per ounce. Long-dated US Treasury yields slipped, with the 10-year yield at 1.25%.
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