By Anna Hirtenstein and Akane Otani 

U.S. stocks slipped Monday, dragged down by losses across everything from technology shares to retail stocks.

Investors started the week on a somewhat cautious note. A string of blue-chip companies are scheduled to report earnings this week and will offer a view on businesses' expectations for the pace of economic revival. Money managers are looking to gauge whether stocks' high valuations are justified after the Dow and S&P 500 hit closing records last week.

"After a big move, you get a pause of breath and a bit of a reassessment, " said Caroline Simmons, U.K. chief investment officer at UBS Asset Management. "People are reassessing, waiting for news flow that might indicate that growth and inflation remain on track."

The Dow Jones Industrial Average fell 123.04 points, or 0.4%, to 34077.63, backing away from Friday's record close.

The S&P 500 lost 22.21 points, or 0.5%, to 4163.26 and the Nasdaq Composite declined 137.57 points, or 1%, to 13914.77.

Peloton fell $8.46, or 7.3%, to $107.75 after a federal safety agency said over the weekend that people with young children or pets shouldn't use the connected-fitness company's treadmills.

Tesla declined $25.15, or 3.4%, to $714.63 after two men died in a Tesla vehicle that crashed into a tree Saturday. Authorities believe the vehicle was operating without anyone in the driver's seat.

Meanwhile, GameStop rose $9.68, or 6.3%, to $164.37 after it said its chief executive would step down.

Harley-Davidson shares jumped $3.91, or 9.7%, to $44.29 after the motorcycle maker shared better-than-expected sales results for the first quarter and raised its forecast for motorcycle revenue for the year.

On the earnings front, companies including Procter & Gamble, Netflix and Lockheed Martin are scheduled to post results later in the week.

As of Friday, 81% of S&P 500 companies that had shared their results exceeded analysts' expectations for earnings, according to FactSet. Meanwhile, 84% beat analysts' expectations for sales.

Investors hoping the stock market's climb will continue say they are counting on earnings results to continue impressing to the upside.

"I expect the earnings picture is going to remain very buoyant across the picture and for the momentum to stay very positive," said Fahad Kamal, chief investment officer of Kleinwort Hambros. "As long as earnings meet what are very heightened expectations, the rally can keep going."

Bitcoin stabilized around $55,900 after plunging almost 12% over the weekend, according to data from CoinDesk. Turkey's central bank said Friday it would ban the use of cryptocurrencies as a form of payment.

"The [cryptocurrency market] is really on edge right now," said Joel Kruger, a currency strategist at LMAX. "There were concerns over the weekend after Turkey came out with the news of major regulatory restrictions coming into force."

Some traders were speculating that the U.S. Treasury could make a similar decision, he said.

Overseas, the pan-continental Stoxx Europe 600 inched down 0.1%, snapping a four-session winning streak.

In Asia, most major benchmarks ticked up. The Shanghai Composite Index climbed 1.5% for its best day in over three weeks. Hong Kong's Hang Seng added 0.5%. However, India's benchmark stock index fell 1.8% as Covid-19 cases continued to climb.

Write to Anna Hirtenstein at and Akane Otani at


(END) Dow Jones Newswires

April 19, 2021 16:45 ET (20:45 GMT)

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