Stocks end lower as investors await earnings cues

STORY: U.S. stocks closed down on Monday after vacillating between positive and negative territory, as investors weighed a profit beat from Bank of America against surging bond yields ahead of more earnings set for this week.

All three major indexes finished slightly lower with the S&P 500 ending essentially flat.

William Huston is chief investment officer at Bay Street Capital Holdings.

"So I think the market is trying to find its footing. A lot of that, if we're going to try and identify and explain it, is going to be around consumer confidence. Right now, confidence is low and so, as a result of that unexpected uncertainty, folks are just sitting around trying to see what's going on. You know, as it pertains to the day, Europe is closed because of the holiday. So I think a lot of folks are waiting to see what's going to happen in Europe tomorrow because that is what's driving a lot of the uncertainty."

Bank of America shares jumped 3.41% after the bank posted a smaller-than-expected fall in first-quarter profit, helped by strength in consumer lending. Other big banks Citigroup and Goldman Sachs rose more than 2%.

Shares of Tesla finished 1.96% higher as the electric car maker prepares to reopen its Shanghai plant after a three-week shutdown.

Investors are also eagerly awaiting earnings from Tesla, which it's expected to report on Wednesday.

Shares of Twitter ended 7.48% higher after the social media company adopted a 'poison pill' plan to prevent Tesla CEO Elon Musk, Twitter’s second-largest shareholder, from raising his stake.

And shares of Didi Global fell 18.29% after the China-based ride-hailing company reported a decline in quarterly revenue and announced it will hold an extraordinary general meeting next month to vote on delisting from the New York Stock Exchange.

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