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US stocks flat as big earnings week kicks off

AFP

Wall Street stocks opened little changed Monday as a heavy week of earnings kicked off with solid reports from Bank of America and toymaker Hasbro.

Bank of America climbed 0.6 percent and Hasbro 5.1 percent after both reported better-than-expected profits.

Despite those results, analysts say US corporations overall remain mired in an "earnings recession" with the S&P 500 expected to notch its fifth straight quarter of declining operating profits, said Sam Stovall, chief investment strategist at S&P Global.

This week's schedule includes reports from Microsoft, General Electric and Netflix.

Five minutes into trade, the Dow Jones Industrial Average was at 18,153.88, up 0.1 percent.

The broad-based S&P 500 rose 0.1 percent to 2,134.02, while the tech-rich Nasdaq Composite Index shed less than 0.1 percent to 5,212.33.