Stocks opened mixed with muted action Monday after more signs showed that China’s economic recovery is still lagging and investors got set for a busy week of earnings reports.
The Dow Jones Industrial Average (^DJI) was down around 0.2%, or almost 80 points, and the S&P 500 (^GSPC) was little changed. Meanwhile, the tech-heavy Nasdaq Composite (^IXIC) rose about 0.2%
Disappointing GDP data out of China cast a cloud on the mood. The second-biggest economy in the world grew 6.3% in the second quarter year over year compared to the forecast for 7.3%. But worries that its faltering recovery will weigh on demand globally were balanced somewhat by hopes that Beijing would be forced to step up stimulus.
Though Monday’s lineup is low-key, market catalysts could come in the stream of quarterly results due in the next few days, including Tesla’s (TSLA) on Wednesday. In general, earnings for S&P 500 companies are expected to fall 7% in the second quarter.
On Tuesday, updates from Bank of America (BAC) and Goldman Sachs (GS) on Tuesday will be watched after strong reports from JPMorgan (JPM) and Wells Fargo (WFC) helped send stocks higher.
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