* The Dow Jones fell 0.11%, the S&P-500 0.02% and the Nasdaq 0.14%
* Bank of America results support the S&P 500
* Twitter on the rise after the “poison pill” project
by David French
April 18 (Reuters) – U.S. stocks closed lower on Monday after a tentative afternoon session as investors were torn between positive Bank of America earnings and soaring bond yields.
The market awaits the publication of a flurry of results, which will allow it to assess the impact of the war in Ukraine and inflation on corporate accounts. Netflix, Tesla, Johnson & Johnson and IBM are due to release their results this week.
Weak volumes, linked to the closure of European markets, also contributed to the hesitant tone on Wall Street.
The Dow Jones index cd 0.11% 34,411.69 points, the S&P-500 0.02% 4,391.69 points and the Nasdaq Composite 0.14% 13,332.36 points.
“The market is looking for direction. Will we get it by the results? Maybe. inflation remain the determining factors,” said Jack Janasiewicz, portfolio manager and senior portfolio strategist at Natixis Investment Managers.
Bank of America ended the earnings season for major Wall Street banks by announcing a less marked than expected fall in first-quarter profits, thanks in particular to strong growth in consumer credit.
Large caps such as Apple Inc and Meta Platforms suffered as the yield on the benchmark 10-year Treasury bond rose to 2.85%, after hitting 2.884% earlier on Monday, the highest level since December 2018 .
The rise in rates is negative for the big technology and growth stocks because the rise in the cost of credit is eating into their margins.
The title Tesla nevertheless shows an increase after announcing that it was preparing to reopen its factory in Shanghai, which has been stopped for almost three weeks due to COVID-19.
Most of the 11 main sectors of the S&P are down, with the exception of energy, which benefited from the rise in crude oil prices, the price of which temporarily rose to the bar of 114 dollars per barrel for Brent.
Twitter ended higher after the group announced a “poison pill” to counter Elon Musk’s takeover bid last week and reports that private equity group Thoma Bravo is also considering an offer.
The title of the Chinese giant of VTC Didi Global fell after the convening of an extraordinary general meeting which will be called upon to decide on a withdrawal from the listing of the group on the American markets.
* The reminder of the session in Europe:
* TO FOLLOW TUESDAY: (Report Bansari Mayur Kamdar, Sruthi Shankar and Amal S Bengalore, David French New York, French version Jean-Michel Blot)