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Stocks on Wall Street reversed an early rally Monday to end mostly flat. Tech stocks led the about-face, pressured by a rise in Treasury yields.
The three major indexes ended near the break-even line. The Dow posted its fourth loss in five sessions.
Pictet Asset Management Chief Strategist Luca Paolini says investors are starting to feel jittery about earnings just as major retailers get set to report their results.
“The risk of inflation and also there is a little bit, I think, of worry that earnings may surprise on the downside, something that we haven't seen in a long time.”
Some investors sold shares of Walmart and Home Depot ahead of their earnings results Tuesday.
News of orders and the prospects for more fueled buying in shares of Boeing. Emirates is buying two 777 Freighters, and Boeing is in talks with Saudi Arabian Airlines for a wide-body jet order.
Electric carmaker Tesla extended its recent selloff after CEO Elon Musk engaged in a dispute with Senator Bernie Sanders over taxes. Tesla’s market value fell below the $1 trillion mark. Tesla's declines follow a steep drop of 15.4% last week after Musk offloaded a combined $6.9 billion worth of shares in the company.
DollarTree was the top gainer on the S&P, rising more than 14%. Activist investor Mantle Ridge has taken a stake in the discount retailer.