Stocks fall as Nasdaq continues losing streak

Traders
work on the floor of the NYSE in New York
Thomson Reuters

Stocks fell Monday, with the Nasdaq declining for a
third-straight session, as FANG stocks remained under pressure
following a wave of
disappointing tech earnings. The dollar
retreated against a basket of peers ahead of multiple major
central bank meetings this week, and Treasury yields jumped.

Here’s the scoreboard:

Dow Jones industrial
average:
 25,307.94 −143.12
(-0.56%)

S&P
500:
 2,801.36 −17.46
(-0.62%)

Nasdaq
Composite:7,630.00 −107.42 (-1.39%)

1. President Donald Trump said he would meet Iranian
   President Hassan Rouhani
   anytime and free of any preconditions. The remark,
   made to reporters at a joint White House press conference with
   Italian Prime Minster Giuseppe Conte, follows a week
   of rapidly
   escalating tensions between the US and Iran. The two
   leaders exchanged veiled threats last week, with Rouhani saying
   a US-Iran conflict would be the “mother of all wars”
   and Trump promising dire “consequences.”
2. Secretary of State Mike Pompeo announced
   plans to “deepen engagement” in emerging
   Asia. Speaking at the US Chamber of Commerce, he
   said the US will pursue a $113 million initiative to expand
   infrastructure, energy and technology investments there. The
   announcement comes amid a trade battle between the US and
   China, which has also been aggressively pursuing development
   projects in the region.
3. Pending home sales in the US
   unexpectedly rose last month. The number of
   contracts to buy previously-owned homes increased 0.9%,
   according to the National Realtors Association, after two
   months of decline. 
4. Earnings season rolls on. Caterpillar
   crushed earnings expectations, posting a record profit in the
   second quarter. Netflix fell
   into a bear market after
   failing to recover from posting disappointing revenue and
   subscriber numbers in mid-July.

And a look at the upcoming economic calendar:

• Apple reports earnings Tuesday; Tesla, Volkswagen and BMW are
  slated for later this week.
• The Federal Reserve, the Bank of Japan and the Bank of
  England hold policy meetings.
• GDP estimates for the eurozone are out.

See also:

GOLDMAN SACHS: The stock market is hurtling toward disaster, and
only one thing can save it

There may be a simple way to profit if one of Wall Street’s most
feared recession signals is triggered soon

The stock market’s biggest bear calls out a huge investing
mistake that could have ‘brutal consequences’ — and explains how
it will cause the next market crash