NEW YORK - U.S. stocks were little changed on Monday, as investors were cautious ahead of a barrage of quarterly earnings reports from major companies.
Phil Orlando, chief equity market strategist, at Federated Investors, in New York said he has been encouraged by quarterly reports even though it was early in the earnings season. But Orlando was impressed with the latest GDPNow forecast from the Atlanta Federal Reserve for a first-quarter expansion of 2.8% compared with a 0.2% forecast a month ago.S&P 500 profits are expected to drop 1.7% year-over-year, according to Refinitiv data, in what would be the first earnings contraction since 2016.
The S&P energy index jumped 1.9%, the most among the major S&P sectors, as oil prices surged on the United States’ move to further clampdown on Iranian oil exports, tightening global supplies.Halliburton Co, which swung between gains and losses, was last down 1.4%. It said a pricing downturn that has plagued the sector was bottoming out and reported better-than-expected revenue in North America in the first quarter.
FILE PHOTO: A street sign for Wall Street hangs in front of the New York Stock Exchange May 8, 2013. REUTERS/Lucas Jackson
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