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Dow Jones Retreats from All-Time Highs as General Electric Slides Nearly 7%

Investing.com

Investing.com – U.S. stocks retreating from record highs weighed by a slump in energy and technology stocks as investors weighed the prospect of bullish earnings from leading companies slated for later this week.

The Dow Jones Industrial Average closed lower at 23273.96. The S&P 500 closed 0.40% higher while the Nasdaq Composite closed at 6586.83, down 0.40%.

In what a quiet day on the calendar for top-tier economic data investors looked ahead to key earnings from blue-chip companies slated for later during week.

This week is expected to be the busiest week of the earnings season, with some of the biggest technology companies including Alphabet (NASDAQ:GOOGL), Microsoft (NASDAQ:MSFT), Amazon (NASDAQ:AMZN) and Intel slated to report earnings alongside companies like Hasbro (NASDAQ:HAS), Ford Motor Company (NYSE:F), and McDonald’s Corporation (NYSE:MCD).

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In corporate news, shares of General Electric Company (NYSE:GE) slumped 7%, dragging the broader index lower as investors continued to digest GE's weaker-than-expected quarter of earnings released last week amid growing speculation that the company will axe its dividend.

The negative close for U.S. stocks comes after the three main U.S. indexes closed in record territory on Friday on signs of progress on tax reform and a bullish week of earnings from corporates – 73% have beaten on both the top and bottom lines, according to Thomson Reuters I/B/E/S.

“It feels like the market is resting after making all-time highs across the board. People are still focused on earnings and are definitely banking on tax cuts,” said Ian Winer, head of the equities division at Wedbush Securities.

'Bulls and Bears' on Wall Street

The top Dow gainers for the session: Wal-Mart Stores Inc (NYSE:WMT) up 1.4%, Nike Inc (NYSE:NKE) down 1.1% and Intel Corporation (NASDAQ:INTC) up 1%

General Electric Company (NYSE:GE) down 6.3%, McDonald’s Corporation (NYSE:MCD) down 1.8% and International Business Machines (NYSE:IBM) down 1.6%, were among the worst Dow performers of the session.

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