(CNBC) — U.S. equities fell Monday as Wall Street braced for big company earnings reports slated for later in the week which could signal how inflation is impacting businesses.
The Dow Jones Industrial Average shed 164.31 points, or 0.52%, to close at 31,173.84. The S&P 500 fell 1.15% to 3,854.43, while the Nasdaq Composite lost 2.26% to 11,372.60.
“It’s always about earnings,” said Tim Lesko of Mariner Wealth Advisors. “The expectation has been for a year now that it’s not about the trailing earnings, it’s about the future economic expectations. It really hasn’t mattered what people have reported in the way of revenue earnings. It’s been the talk that they’ve had about how they expect their future business to look.”
