New York, July 14 | Wall Street’s major averages erased strong earlier gains to finish mixed as investors focused on a continued spike in coronavirus infections in the United States.
On Monday, the Dow Jones Industrial Average rose 10.50 points, or 0.04 per cent, to 26,085.80. The S&P 500 dropped 29.82 points, or 0.94 per cent, to 3,155.22. The Nasdaq Composite Index shed 226.60 points, or 2.13 per cent, to 10,390.84, Xinhua news agency reported.
All the three indexes rallied earlier in the day with the 30-stock average jumping as much as 563.79 points.
US-listed Chinese companies traded mostly lower, with eight of the top 10 stocks by weight in the S&P US Listed China 50 index ending the day on a downbeat note.
Investors remained cautious as new COVID-19 infections continued to surge in the United States.
More than 3.34 million confirmed COVID-19 cases have been reported in the United States, with over 135,000 deaths, as of Monday afternoon, showed a tally by Johns Hopkins University.
Wall Street also paid close attention to corporate earnings.
PepsiCo reported better-than-expected second-quarter earnings on Monday. The stock closed 0.33 per cent higher.
Results from major financial institutions will dominate the week, with banks including JPMorgan Chase, Citigroup, Morgan Stanley and Goldman Sachs each set to deliver earnings results.
The estimated earnings decline for the S&P 500 is 43.8 per cent for the second quarter, according to data from FactSet as of early July.