Stocks Start Lower Ahead of Earnings
U.S. stocks started mostly down on Monday as Spanish yields topped levels viewed as not sustainable and ahead of Alcoa’s earnings report.The Dow Jones Industrial Average fell 60.89 points to 12,711.58. The S&P 500 slipped 5.35 points to 1,349.33. The Nasdaq Composite fell 10.67 points to 2,926.66.
The yield on Spain’s 10-year government bond (ICAPSD:ES:10YR_ESP) pushed above the 7% level on Monday, continued a march higher that began last week. The yield last traded up 12 basis points to 7.04%, according to Tradeweb.
Health insurer WellPoint Inc. is buying managed care provider Amerigroup Corp. for about $4.46 billion in cash, saying the deal will help it better serve Medicaid participants.
U.S. credit card delinquencies have fallen to their lowest levels in at least two decades, baffling banks that expected consumer credit quality to stop improving this year because of persistently high unemployment.
Air Lease Corp. (NYSE:$AL) said Monday it placed a $7.2 billion order for 60 Boeing 737 MAX 8 and 15 737 MAX 9 airplanes.
Campbell Soup Co. (NYSE:CPB) said Monday it’ll pay $1.55 billion in cash to private equity firm Madison Dearborn Partners to buy Bolthouse Farms as the Camden, N.J., conglomerate expands into the packaged fresh foods business.