With the latest corporate earnings season set to kick off this week, US stocks dipped in mid-Monday trading after climbing last week.
"We have a cautious market entering fourth-quarter earnings season," said Peter Cardillo, chief market economist at Rockwell Global Capital in New York, according to Reuters
. "I think it's going to be a disappointing one this time around."
The Dow Jones Industrial Average
(INDEXDJX:.DJI) was down 0.55% to 13,360.68 points as of 12:16 p.m. EST.
(NYSE:HPQ) was among the leading Dow gainers on the day, jumping 0.66% to $15.24. The tech giant today unveiled a slew of new consumer products, including the HP Pavilion Sleekbook, a laptop with a touchscreen option targeted at the lower-end of the market.
(NASDAQ:INTC) also improved 0.28% to $21.22, with investors looking forward to the chip giant’s presentation at the Consumer Electronics Show in Las Vegas.
"Ultrabooks were one of the more prolific product categories at last year's CES," said Canaccord Genuity analyst Bobby Burleson in a recent note, according to TheStreet
. "We expect Intel to highlight the newer touch-enabled convertible hybrid designs at this CES and also expect Intel to showcase their new low power Atom processors targeted at Win 8 tablets."
Among decliners was Disney
(NYSE:DIS), which fell 2.57% to $50.85. Earlier in the day, Reuters reported that Disney had initiated a cost-cutting review weeks ago and could lay off employees at the end of it.
Oil stocks also slumped on the day. Exxon Mobil
(NYSE:XOM) edged down 1.33% to $87.78, while Chevron
(NYSE:CVX) eased 1.10% to $109.29. BP
(NYSE:BP) (-0.69%) and ConocoPhillips
(NYSE:COP) (-0.75%) were also down on the day.
(NYSE:TRV) also slid 1.79% to $72.74.
No positions in stocks mentioned.
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