A trader walks outside the New York Stock Exchange in New York City, U.S., April 26, 2021. REUTERS/Shannon Stapleton
The stocks have struggled to maintain the upward trajectory coming into reporting season. Chipmakers also fell, with the Philadelphia SE Semiconductor indexWith more than half of S&P 500 companies having reported so far, profits are now seen rising 46% in the first quarter, compared with forecasts of 24% growth at the start of April, according to IBES data from Refinitiv. About 87% of the companies have come also reported earnings per share ahead of analysts' estimates.
Strong earnings, improving economic data, fiscal stimulus and the Federal Reserve's ultra accommodative stance have supported markets, pushing the S&P 500 and the Nasdaq indexes to record levels last week. U.S. manufacturing activity grew at a slower pace in April, likely constrained by shortages of inputs amid pent-up demand due to rising vaccinations and massive fiscal stimulus.
The Labor Department's non-farm payrolls data, slated to be released on Friday, is expected to show a rise in job additions in April.
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