Stocks slipped lower on Monday as investors returned from a holiday weekend and looked ahead to a busy week of corporate earnings reports. The S&P 500 Index dipped 0.02%, while both the Dow Jones Industrial Average and Nasdaq Composite closed 0.1% lower.
Here's how the market settled on Monday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Judge overturns CDC mask mandate for public transit:
U.S. District Judge Kathryn Kimball Mizelle in Tampa, Florida overturned the U.S. Centers for Disease Control and Prevention's (CDC) national mask mandate for public transportation hubs, ruling that the agency had overstepped its authority.
Mizelle ruled that the mandate--which requires travelers to wear masks on planes, trains and buses as well as at airports--is unlawful since the CDC failed to adequately explain its reasons for the ruling and did not allow public comment, which is in violation of federal procedures for issuing new rules.
Homebuilder sentiment fell for fourth month in a row:
U.S. homebuilder sentiment fell for its fourth consecutive month in April, as rising mortgage rates and ongoing supply chain disruptions continue to weigh on housing market activity.
The National Association of Home Builders' (NAHB) April housing market index declined to a reading of 77, according to the firm's latest data published Monday. March's reading was 79 and April 2021's level stood at 83. Readings above the neutral level of 50 indicate a majority of builders consider conditions good rather than unfavorable.
"Despite low existing inventory, builder report sales traffic and current sales conditions have declined to their lowest points since last summer as a sharp jump in mortgage rates and persistent supply chain disruptions continue to sunsettle the housing market," said NAHB Chairman Jerry Konter in a press statement.
Musk says Twitter's board will not be paid if his bid goes through:
Tesla
"Board salary will be $0 if my bid succeeds, so that's ~$3M/year saved right there," Musk said in a tweet.
Currently, Twitter spends about $2.9 million in cash and stock awards to board members, according to a filing with the U.S. Securities and Exchange Commission (SEC). Musk has offered to buy Twitter in a deal valued at roughly $43 billion.
Here's how benchmarks started trading soon after open:
S&P 500 Index: +0.12% or +5.15 points to 4,397.74
Dow Jones Industrial Average: +0.25% or +85.27 points to 34,536.50
Nasdaq Composite Index: -0.00% or -0.16 points to 13,350.64
