NEW YORK: Wall Street stocks opened nearly flat on Monday as investors awaited further earnings reports from major names including Bank of America and electric carmaker Tesla.
The Dow Jones Industrial Average was barely changed at 33,890.05.
The broad-based S&P 500 was flat as well at 4,136.98, while the tech-heavy Nasdaq Composite Index was down slightly at 12,119.40.
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Investors are awaiting further earnings reports after surprisingly good results from JPMorgan Chase and other large banks last week.
The reports reassured investors who are jittery over the financial sector, following the dramatic collapse of Silicon Valley Bank and Signature Bank last month.
But disappointing US retail sales figures offset the lift from bank earnings last week.
Looking ahead, earnings announcements for Bank of America and Goldman Sachs are expected on Tuesday, while that of Tesla is set for Wednesday, among other big names.
“There is a lot of interest in what these companies have to say, not only about the March quarter, but more importantly about the quarter and year ahead,” said Patrick O’Hare of Briefing.com.
The word “recession” hangs over the market and traders need answers, he added.
On Monday, a survey on business activity in New York State showed that manufacturing grew for the first time in months, adding to hopes that the US economy could achieve a “soft landing” and avert a major downturn.
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