Financial shares .SPSY, which dropped 0.6%, weighed most heavily on the S&P 500 among its 11 major sectors.
Second-quarter earnings start in earnest this week and analysts expect S&P 500 companies to report a 0.3% fall in profit, which would be the first quarterly drop in three years, according to Refinitiv IBES data. U.S. stocks will likely be muted until more results come in, said Oliver Pursche, chief market strategist at Bruderman Asset Management in New York. The three main indexes ended last week at record closing highs as dovish comments from Federal Reserve Chairman Jerome Powell bolstered hopes that the central bank would deliver its first interest rate cut in a decade later this month.
“It’s definitely a wait-and-see environment,” Pursche said. “If are better than expected, then we can see another leg up.”
They can kiss our butts for a bailout this time,..
This picture is overused!