Stock market indexes were flat to slightly lower in quiet trading Monday, as investors await Big Tech earnings reports and key economic data later in the week.
The Dow Jones Industrial Average was unchanged while the Nasdaq dipped 0.6%. The S&P 500 inched down 0.1%. The Russell 2000 small-cap index lost 0.2%.
The Nasdaq fell below the 12,000 psychological level. NYSE and Nasdaq volume fell compared with the same time on Friday.
The Nasdaq 100-tracking Invesco QQQ Trust ETF shed 0.5% while the Innovator IBD 50 ETF eased off 1.1%.
Crude oil gained 1.4% to $78.95 per barrel. Gold futures inched up 0.5%, hitting $2,000 per ounce. The SPDR Gold Trust ETF rose 0.3% in sync with the yellow metal.
Bitcoin regained 0.3% to $27,390. The 10-year U.S. Treasury yield trimmed 6 basis points to 3.52%.
The CME FedWatch tool shows over 90% odds for a quarter-point rate hike at the May Fed policy meeting.
European stocks were little changed, with the German DAX index losing 0.1% and Paris CAC unchanged. The London FTSE was flat to close out the trading day.
What To Look For This Week
The stock market faces a barrage of earnings from heavy hitters, including Facebook parent Meta Platforms, Amazon.com and Google parent Alphabet.
These Nasdaq behemoths could move major market indexes due to their heavy weighting. Outlooks on cloud computing, artificial intelligence and e-commerce will capture most of the attention and have a major influence on the tech sector in coming quarters.
On Thursday, the stock market will get first-quarter GDP numbers. Econoday expects 2% growth, down from last quarter's 2.6%.
Friday brings the March Personal Income and Outlays numbers and PCE Index readings. Market watchers will scrutinize these reports for insights into what the Federal Reserve may do at its May meeting next week.
Stock Market Movers: Server Stock Sinks, ExxonMobil In Buy Zone
IBD 50 top 10 stock Super Micro Computer retreated 8.3% after the server and storage solutions developer lowered Q3 2023 revenue guidance.
Management cited key component shortages. Shares dropped below the 50-day line moving average, a red flag.
C3.ai plunged over 11% after Wolfe Research downgraded the stock to underperform from peer perform with a 14 price target.
First Solar lost 4.3% in heavy volume after Citigroup downgraded the stock to sell from neutral and lowered its price target to 194 from 220.
Citigroup cited margin and growth concerns, as solar-panel-module supply increases and costs fall.
ExxonMobil rose 2.1% as it broke out of a cup-with-handle base and hit the 117.28 buy point. Shares are in the 5% buy zone reaching to 123.14.
XOM reports Q1 earnings on Friday before the bell.
IBD 50 Stocks On The Move
IBD 50 stock Amphastar Pharmaceuticals fell 7.9% in heavy volume on news it will buy nasal low-blood-sugar drug Baqsimi from Eli Lilly for more than $1 billion.
AMPH is in a long, deep cup base with a 44.56 buy point. LLY pulled back 0.8% on the news after hitting a new high last week.
IBD 50 stock Lantheus edged up 0.1% on news that it and Point Biopharma received FDA fast-track designation on its prostate cancer treatment.
Perion Network tanked 5.6% in heavy volume after Stifel downgraded the Israel-based digital advertiser to hold from buy with a price target of 36.
PERI fell below the 50-day line, a warning sign.
Lithium and fertilizer producer Albemarle popped 5.7% after last week's sell-off on news that the Chilean government will nationalize its lithium industry.
Mobileye gained 2.7% on IPO lockup expiration ahead of Thursday's Q1 earnings report.
Dow component Coca-Cola fell 0.2% after reporting better-than-expected Q1 earning and sales. Shares of the beverage giant are in a long, undefined base and creeping up to the 67.30 buy point.
Home goods retailer Bed Bath & Beyond filed for Chapter 11 bankruptcy on Sunday after a long struggle with declining sales and debt. The stock trades for less than a quarter.
Follow Kimberley Koenig for more stock news on Twitter @IBD_KKoenig.
