Stocks slip with eyes on earnings; oil ticks up

Mon Apr 13, 2015 5:03pm EDT
 
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By Rodrigo Campos

NEW YORK (Reuters) - Equities in major markets slipped on Monday, weighed down by Wall Street on trepidation over first-quarter earnings, while crude prices added to last week's gains on concern about Middle East tensions.

U.S. stocks ended lower ahead, with traders waiting to see how much of an impact the strengthening dollar and falling oil prices had on Corporate America in the first quarter.

"Most investors seem to be a little concerned about what earnings will look like for the first quarter and what companies might have to say about the tone of their businesses moving into the second quarter," said John Carey, portfolio manager at Pioneer Investment Management in Boston, which has about $220 billion in assets under management.

"People are thinking earnings are going to be weak due to the strong dollar and lower oil prices and sluggish consumer spending due to the winter weather," Carey said. "But we'll see. I'm sure there'll be some positive surprises as well."

The Dow Jones industrial average fell 80.61 points, or 0.45 percent, to 17,977.04, the S&P 500 lost 9.63 points, or 0.46 percent, to 2,092.43, and the Nasdaq Composite dropped 7.73 points, or 0.15 percent, to 4,988.25.

A measure of equities in major markets was down 0.25 percent while the FTSEurofirst 300 index of top European shares ended up 0.1 percent, after last week's 3.7 percent jump. In Japan, Nikkei futures fell 0.9 percent.

FED FOCUS DRAGS EURO LOWER   Continued...

 
Traders work on the floor of the New York Stock Exchange April 6, 2015. REUTERS/Brendan McDermid