On Monday, the S&P 500 experienced a decline, closing lower as investors prepared for significant earnings reports. Carnival, a cruise company, is set to release its quarterly results, with its stock having risen 25% over the past three months, although it remains 11% below its February peak.
FedEx is also scheduled to report after the market closes; its shares have increased nearly 14% in the last three months but are down 5% from their recent high. Cerebras Systems, which recently went public, saw its stock drop over 4% to close at $224.43, down from its IPO price of $185.
In retail, Amazon's upcoming Prime Day, running from Tuesday to Friday, is anticipated to attract 27% of Americans, a decrease from 34% last year, while Amazon's stock is down 16% from its May high. The communication services sector faced significant pressure, falling almost 4%, with Netflix down nearly 6% and 45% below its June high. Other companies like Fox and Alphabet also saw declines.
Conversely, the real estate sector gained 1.4%, led by Digital Realty Trust and Iron Mountain, both of which rose over 3%. Overall, the mixed performance across sectors indicates a cautious market as investors await key earnings results