BENGALURU (July 11): US stock indexes slid on Monday, with the earnings season set to kick off in earnest this week amid concerns of weaker corporate profit due to the impact of surging inflation. The Nasdaq is set to break its five-day winning streak, weighed down by sharp declines in heavyweights Apple Inc, Microsoft Corp and Amazon.com Inc in early trading. Big banks such as JPMorgan Chase & Co, Citigroup Inc and Morgan Stanley are due to post earnings later this week, and their results will be parsed for any signs of slowing economic growth. Focus will also be on US consumer prices data later this week to gauge the state of inflation and how aggressively the Fed could respond. Declining issues outnumbered advancers for a 3.42-to-1 ratio on the NYSE and for a 3.46-to-1 ratio on the Nasdaq.

Source: The Edge Markets July 11, 2022 20:25 UTC