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US stocks dropped slightly on Monday as a thick cloud loomed over the economic outlook, despite a chirpy start to the earnings season.
The Dow Jones Industrial Average dropped 9.54 points, or 0.1%, at 34,411.69. The S&P 500 lost 0.9 of a point, or less than 0.1%, ending at 4,391.69. The Nasdaq Composite fell by 18.72 points, or 0.1%, at 13,332.36.
Investors continued to monitor the companies’ ability to weather inflationary pressures. Treasury yields bounced back up in response to surging inflation, with the 10-year rate rising to 2.86% on Monday for the first time since December 14, 2018.
Trading volumes were particularly thin due to the Easter holiday. U.S. and European markets were closed for Good Friday, while major European markets remained shut on Monday.
Bank of America Corp. (NYSE: BAC) reported a drop in quarterly profit by $1 billion, even as its revenue beat investors’ expectations. The bank booked a healthy loan growth and its shares finished 3.4% higher.
Crude prices gained and Brent crude rose to more than $114 a barrel at one point after outages in Libya raised concerns over tight global supply.
Twitter (NASDAQ: TWTR) rose 7.5% as the microblogging site adopted the "poison pill" on Friday to restrict Tesla (NASDAQ: TSLA) CEO Elon Musk from raising his stake beyond 15% for one year.
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