US stocks ended a dull mixed session on Monday as investors kicked off the busiest week of the year for corporate earnings and economic data.
As the closing bell rang, the S&P 500 was up 0.1%, the Dow gained 0.3%, and the tech-heavy Nasdaq trailed behind, falling 0.4%.
Last week, all three major indices posted weekly gains with the S&P 500’s advance from mid-June lows coming in around 8%. The Nasdaq has gained more than 10% during this period.
In the coming days, quarterly results from more than 150 companies in the S&P 500 are expected, and Wednesday’s policy announcement from the Federal Reserve and Thursday’s GDP data are also expected to move markets. On Tuesday, the main gains will include results from McDonald’s, Alphabet and Microsoft.
And yet, as is always the case in markets, surprise announcements sent some stocks moving early Monday.
Weber shares (WEBR) fell more than 12% after the company announced the departure of its CEO and provided preliminary results for your most recent quarter you disappointed. The grill maker cited slower in-store and online retail traffic, as well as currency pressures, in lowering its outlook.
Weber also said it is “pursuing a number of financial transformation initiatives, which may include workforce reductions, reduction of other COGS and SG&A expenses, as well as adjustment of its global inventory levels and working capital positions.” Weber also suspended his dividend.
WWE stock (WWE) also moved on Monday, gaining more than 8% after the company announced Friday night its founder Vince McMahon would retire following reports on money paid for silence to cover up sexual misconduct over the years.
WWE said on Monday that it would update past financials to account for expenses incurred by McMahon, and said that McMahon’s daughter, Stephanie, and Nick Khan would be elevated to the co-CEO position. Former wrestler Paul Levesque, known as Triple H in the ring, will be the company’s creative director.
The company also said second quarter revenue is expected to be better than expected.
Tesla (TSLA) was also in the headlines on Monday morning after the company revealed in its most recent 10-Q received a second subpoena from the SEC related to Elon Musk’s tweets about taking the company private in 2018.
Musk and Tesla were also in the news over the weekend after the Wall Street Journal reported an affair between Musk and Google co-founder Sergey Brin’s ex-wife led to Brin’s divorce, which was revealed earlier this year. Musk tweeted Late on Sunday the report was “total bs.”
Tesla shares fell 1.4% on Monday.
Another bear market rally?
“Whether it’s a rebound from a market-established bottom or a ‘bear market rally,’ there is fodder for discussion between bulls and bears at any given moment in daily market action,” said John Stoltzfus, chief market strategist. of Oppenheimer Assets. Management in a note to clients on Monday.
Looking at sector-level performance since June 16, Stoltzfus and his team note that the rally since June 16 has almost mirrored how the market has performed this year.
Ten of 11 S&P 500 sectors are up from mid-June lows, with only Energy (XLE) experiencing losses during this period, falling more than 7%. Year-to-date, Energy remains the only S&P 500 sector to rise in 2022 through Friday’s close, up around 28%.
Discretionary Consumption (XLY) has led the market since mid-June, rising more than 15% in the past five weeks. So far this year, this has been the second worst performing sector in the S&P 500, down 24% through Friday, only with Communication Services (XLC) — almost 30% less in 2022 — worse.
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