U.S. stocks kicked off the new week in the red as investors await a big week of earnings reports and eye the final presidential debate and outlook for interest rates.
The Dow Jones industrial average fell 52 points, or 0.3%, to 18,086. The Standard & Poor’s 500 stock index was off 0.3% to 2126 and the Nasdaq composite fell 0.3% to 5,200.
More than 80 companies in the S&P 500 are set to report earnings this week, according to Thomson Reuters. So far, 34 companies have reported third-quarter results and 62% have topped forecasts, just above the long-term “beat” average of 59%.
Bank of America continued last week’s trend of banks posting results that beat expectations. The bank topped earnings per share forecasts by 7 cents. Shares of Bank of America (BAC) were up 0.3% to $16.05. Last week, JPMorgan Chase, Citigroup and Wells Fargo all topped forecasts. Goldman Sachs, another key financial stock, reports its earnings Tuesday.
In economic news, the September reading on industrial production rose 0.1%, a tad below the 0.2% expected. Later this week, investors will get fresh data on inflation at the consumer level, existing home sales and how the economy is faring in the Philadelphia region.