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The S& P 500 and Nasdaq closed slightly higher on Monday, but declines in industrial stocks held back gains as investors prepared for the earnings season. Analysts expect corporate profits to fall for the first time since 2016.
Despite the Dow's closing decline, the S&P 500 continued its gains. S&P rose for the eighth consecutive day, the first time since October 2017.
"We've been expanding for a long time, and it's a kind of end-of-cycle mentality," said Charlie Ripley, senior market strategist at Allianz Investment Management. "Usually, we think the stock market is doing well near the end of the cycle."
The company's first quarterly earnings report will start this week, with Dame Airlines (DAL. N), JPM. N and Wells Fargo Bank (WFC. N) releasing earnings this week.
Analysts expect this to be the first year-on-year decline in quarterly earnings for S&P 500 companies since 2016. According to data from Lufford, the quarterly earnings of S&P 500 companies from January to March are expected to shrink by 2.3% from last year.
Investors are also struggling to cope with growing signs of a global slowdown.
"Investors are most concerned about slowing economic growth and whether the economy is heading for recession," Ripley added. "With the successive announcements of performance from various industries, we will come to a conclusion."
Boeing (BA.N) had the biggest drag on the Dow, falling 4.4%, after saying it would cut production of 737 MAX aircraft in response to Ethiopian Airlines'fatal crash on March 10, when Boeing 737 MAX planes grounded worldwide.


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