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Oct. 14, 2019, 4:28 p.m. EDT

Stocks close lower amid trade-deal skepticism, economic growth concerns

IMF likely to lower global growth forecast further Tuesday

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By Chris Matthews, MarketWatch , Joy Wiltermuth

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The British pound /zigman2/quotes/210561263/realtime/sampled GBPUSD +0.0476% , however, retreated Monday, after the European Commission said late Sunday that “a lot of work remains to be done” to finalize Brexit, while questions remain as to whether British Parliament will accept a deal negotiated by Johnson.

Investors also braced for the start of the U.S. corporate earnings reporting season, with major banks set to report Tuesday. Citigroup /zigman2/quotes/202292798/delayed AT:CITI -0.73% , Goldman Sachs /zigman2/quotes/209237603/composite GS -3.23% , J.P. Morgan Chase /zigman2/quotes/205971034/composite JPM -2.39%   and Wells Fargo /zigman2/quotes/203790192/composite WFC -2.73%   are all scheduled to release their results from the previous quarter.

Analysts expected third-quarter earnings for the S&P 500 to have fallen 4.6% on a year-over-year basis, according to FactSet.

Trading volumes were lower due to the U.S. Columbus Day holiday which closes federal government offices and the U.S. Treasury bond market but leaves the stock and commodities markets open.

Which stocks were in focus?

Shares of Dow component Boeing Co . /zigman2/quotes/208579720/composite BA -2.49%  fell 0.46% after the company’s board said late Friday it voted to separate the roles of chief executive and chairman as the company has struggled to deal with issues related to the groundings of its 737 Max jet.

The aviation company said Dennis Muilenburg will continue as CEO, president and a board member, while David Calhoun, the current independent lead director, will become non-executive chairman.

Fellow Dow constituent Nike Inc .’s /zigman2/quotes/203439053/composite NKE -1.94%  stock added 1.07% after it was upgraded to neutral from underperform by Bank of America Merrill Lynch, based on a bullish outlook for the company’s sportswear business.

Shares of Fastenal Co . /zigman2/quotes/206312496/composite FAST -0.40%  fell 2.25% Monday after the stock was downgraded to “market perform” from a “strong buy” by Raymond James. The stock rallied 17.2% Friday after the company reported better than expected earnings for the quarter ended Sept. 30.

Sempra Energy /zigman2/quotes/206074517/composite SRE -1.88%  announced Monday that it would sell its equity stakes in its Chilean businesses for $2.23 billion in cash to State Grid International Development. Shares closed slightly lower by 0.04%.

Parsely Energy Inc . /zigman2/quotes/200138201/composite PE -2.54% shares declined after it /zigman2/quotes/200138201/composite PE -2.54% announced the acquisition of Jagged Peak Energy Inc .  in an all-stock transaction.

Shares of Aecom /zigman2/quotes/204198156/composite ACM -2.53%  gained Monday after the infrastructure company said its selling it’s management services business to American Securities LLC and Lindsay Goldberg for $2.405 billion.

How did other markets trade?

In commodities, crude oil prices  fell $1.10 to $53.59 on the New York Mercantile Exchange. Gold futures rose  $8.90 to $1497.60 an ounce ahead of the Federal Reserve’s planned T-bill buying spree. The U.S. dollar /zigman2/quotes/210598269/delayed DXY +0.31% , meanwhile, ended 0.22% higher against a basket of its peers.

In Asia overnight Monday, the China CSI 300 /zigman2/quotes/210598128/delayed XX:000300 +1.40%  rose 1.06%, while Hong Kong’s Hang Seng index /zigman2/quotes/210598030/delayed HK:HSI +0.31%  added 0.81%. Markets in Japan were closed for a holiday. In Europe, shares were mostly lower, as evidenced by the 0.49% decline in the Stoxx Europe 600 index /zigman2/quotes/210599654/delayed XX:SXXP -0.89% .

/zigman2/quotes/210561263/realtime/sampled
US : Tullett Prebon
1.2617
+0.0006 +0.0476%
Volume: 0.0000
July 9, 2020 11:36a
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/zigman2/quotes/202292798/delayed
AT : Austria: Vienna
44.03
-0.33 -0.73%
Volume: 141.00
July 9, 2020 4:13p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
N/A
loading...
/zigman2/quotes/209237603/composite
US : U.S.: NYSE
$ 195.72
-6.53 -3.23%
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July 9, 2020 11:36a
P/E Ratio
10.61
Dividend Yield
2.56%
Market Cap
$69.55 billion
Rev. per Employee
$1.34M
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/zigman2/quotes/205971034/composite
US : U.S.: NYSE
$ 91.07
-2.23 -2.39%
Volume: 9.47M
July 9, 2020 11:36a
P/E Ratio
10.27
Dividend Yield
3.96%
Market Cap
$284.29 billion
Rev. per Employee
$497,647
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/zigman2/quotes/203790192/composite
US : U.S.: NYSE
$ 23.88
-0.67 -2.73%
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July 9, 2020 11:36a
P/E Ratio
8.39
Dividend Yield
8.58%
Market Cap
$100.65 billion
Rev. per Employee
$392,114
loading...
/zigman2/quotes/208579720/composite
US : U.S.: NYSE
$ 175.60
-4.48 -2.49%
Volume: 15.68M
July 9, 2020 11:36a
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$101.62 billion
Rev. per Employee
$660,961
loading...
/zigman2/quotes/203439053/composite
US : U.S.: NYSE
$ 96.92
-1.92 -1.94%
Volume: 2.15M
July 9, 2020 11:36a
P/E Ratio
61.10
Dividend Yield
1.02%
Market Cap
$153.70 billion
Rev. per Employee
$529,466
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/zigman2/quotes/206312496/composite
US : U.S.: Nasdaq
$ 42.85
-0.17 -0.40%
Volume: 1.64M
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P/E Ratio
30.75
Dividend Yield
2.34%
Market Cap
$24.64 billion
Rev. per Employee
$229,398
loading...
/zigman2/quotes/206074517/composite
US : U.S.: NYSE
$ 115.04
-2.21 -1.88%
Volume: 750,224
July 9, 2020 11:36a
P/E Ratio
14.36
Dividend Yield
3.65%
Market Cap
$34.30 billion
Rev. per Employee
$693,218
loading...
/zigman2/quotes/200138201/composite
US : U.S.: NYSE
$ 10.35
-0.27 -2.54%
Volume: 3.81M
July 9, 2020 11:36a
P/E Ratio
N/A
Dividend Yield
1.55%
Market Cap
$4.38 billion
Rev. per Employee
$3.47M
loading...
/zigman2/quotes/200138201/composite
US : U.S.: NYSE
$ 10.35
-0.27 -2.54%
Volume: 3.81M
July 9, 2020 11:36a
P/E Ratio
N/A
Dividend Yield
1.55%
Market Cap
$4.38 billion
Rev. per Employee
$3.47M
loading...
/zigman2/quotes/204198156/composite
US : U.S.: NYSE
$ 35.05
-0.91 -2.53%
Volume: 361,836
July 9, 2020 11:36a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$5.76 billion
Rev. per Employee
$233,128
loading...
/zigman2/quotes/210598269/delayed
US : U.S.: ICE Futures U.S.
96.73
+0.30 +0.31%
Volume: 0.00
July 9, 2020 11:26a
loading...
/zigman2/quotes/210598128/delayed
XX : China Securities Index
4,840.77
+66.77 +1.40%
Volume: 35.10B
July 9, 2020 3:01p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
26,210.16
+80.98 +0.31%
Volume: 2.45M
July 9, 2020 4:08p
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/zigman2/quotes/210599654/delayed
XX : STOXX
363.21
-3.27 -0.89%
Volume: 0.00
July 9, 2020 5:21p
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Joy Wiltermuth is a MarketWatch markets reporter and editor based in New York.

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