U.S. Stocks Open Lower on Monday Amid Poor Earning Reports

A downward stock market trend from the newspaper

In early morning trading, US stocks are down on reports of weak results from Morgan Stanley and Halliburton. Morgan Stanley’s shares (MS) dropped for the second straight quarter by 6.2%, down to $31.82.

The company noted a struggling trading business as the reason for the its struggling stock.

Several major banks, including Citigroup (C), Wells Fargo (WFC), J.P. Morgan (JPM) and Goldman Sachs (GS), are all down on the day. Goldman Sachs fell 1%, down to $183.47 a share.

Halliburton (HAL) is struggling on the year with a drop of 36% in quarterly revenue reported. The company’s stock fell 1.5% on the news. The company shares are trading at $37.26. Analysts predict that S&P 500 companies will report a 3.9% drop in third-quarter profit.

Several companies are expected to release earning reports this week. Caterpillar (CAT), Amazon (AMZN) and Boeing (BA) are expected to release their reports this week.

All markets are down on the day. The Dow Jones industrial dropped .35% to 60.39 points in early morning trading. The S&P 500 is down .37% to 7.56 points. The NASDAQ index is also down .23% or 11.16 points.

SPNY fell 1.2%, leading the S&P 500 as the biggest loss of the day. All sectors of the S&P 500 are down.

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Ben Myers

After graduating with a degree in Finance and Accounting, Ben has had a long and distinguished career in the world of global finance and investment. After working with multi-national institutions including HSBC and Bank of Ireland, Ben ran his own independent investment advice firm in the UK before chief analyst stints at a number of forex/binary options companies. Ben is currently CEO of www.mediamile.com and remains a keen trader and a featured contributor at investing.com and dailyforex.

About the Author

Ben Myers
After graduating with a degree in Finance and Accounting, Ben has had a long and distinguished career in the world of global finance and investment. After working with multi-national institutions including HSBC and Bank of Ireland, Ben ran his own independent investment advice firm in the UK before chief analyst stints at a number of forex/binary options companies. Ben is currently CEO of www.mediamile.com and remains a keen trader and a featured contributor at investing.com and dailyforex.