[MARKET UPDATE] – Traders concerned about earnings?

Original Link | RockwellTrading by Markus Heitkoetter

Stocks opened higher. But it was all downhill from there.

After the strong open, stocks slide and continued to drop throughout the session. Closing near session lows, the 6-day win streak in the S&P and DOW comes to an end.

There was no clear catalyst for today’s drop. But selling could be related to traders reducing positions ahead of this week’s earnings reports.

Both Amazon (AMZN) and Alphabet (GOOG) are scheduled to release earnings on Thursday. And it was the NASDAQ leading the major indices today with a 0.6% loss.

In fact, according to Bloomberg, FANG stocks (Facebook, Amazon, Netflix, and Google) dropped for the 5th straight session today (down a combined 1.7%). This is the longest losing streak for the group since before the election.

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Here’s where the major indices ended the day:

• The S&P finished 0.4% lower. Down 10 points, the S&P ended at 2,565.
• The DOW ended with a 0.2% loss. Dropping 55 points, the DOW closed at 23,274.
• The NASDAQ was down 0.6%. Losing 42 points, the NASDAQ finished at 6,587.

Crude Oil (CL) was quiet, bouncing around the $52 mark all day. CL ended with a 0.1% gain at $51.90 a barrel.

There are no major reports scheduled tomorrow. But there are some big names reporting earnings, including McDonald’s (MCD), 3M (MMM), Caterpillar (CAT), and United Technologies (UTX).

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