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- Stocks moved lower on Monday, with the Nasdaq Composite coming off its first back-to-back losing weeks of the year.
- Chinese property giant Country Garden dropped to a record low after suspending bond trading.
- Later this week, top retailers Target, Walmart, and Home Depot will report earnings.
US stocks dipped early Monday, after the Nasdaq Composite recorded its first back-to-back losing weeks of the year.
Meanwhile, Asian markets declined Monday and shares of Chinese property giant Country Garden hit a record low after it announced the suspension of bond trading amid its cash crunch.
Stocks have slumped in the closing month of summer, and investors will be watching for a rebound later this week as earnings from Target, Home Depot, and Walmart roll out. Retail sales data for July will come out Tuesday.
Here's where US indexes stood as the market opened 9:30 a.m. on Monday:
- S&P 500: 4,455.06, down 0.20%
- Dow Jones Industrial Average: 35,277.74, down 0.01% (3.66 points)
- Nasdaq Composite: 13,585.59, down 0.43%
Here's what else is going on:
- "Bond King" Bill Gross warned that stocks are dangerously overvalued, and he predicted an economic slump.
- China's yuan declined to its lowest level of 2023.
- Russia's ruble hit a 16-month low with the currency still taking a beating from the Ukraine war.
- Bad weather, natural disasters, and disease are hobbling crops — and the food commodity markets are responding.
- These five charts show how trouble is brewing in the US's debt storm.
- Here's why WeWork may be the next hot meme stock.
In commodities, bonds, and crypto:
- Oil prices dipped, with West Texas Intermediate down 0.87% to $82.46 a barrel. Brent crude, the international benchmark, inched 0.78% lower to $86.13 a barrel.
- Gold dipped 0.30% to $1,940.00 per ounce.
- The 10-year yield ticked up 2 basis points to 4.189%.
- Bitcoin slipped 0.36% to $29,313.01.
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