The Dow Jones Industrial Average fell 100 points Monday morning after Friday's March jobs report. Tesla stock skidded more than 4% after the company lowered the prices on its vehicles in the U.S. again on Friday. And Apple stock sank after its PC shipments dropped 40% in the first quarter.
On Friday, the March jobs report slightly missed Wall Street's 240,000 forecast, with employers adding 236,000 jobs. The average hourly wage rose 0.3% on the month, as expected. Annual wage growth of 4.2% undershot expectations of 4.3%. The unemployment rate slipped to 3.5% vs. expectations of 3.6%. The labor force participation rate edged up to 62.6%.
On the economic front this week, inflation data is due out mid-week, with the release of the Consumer Price Index and the Producer Price Index. U.S. retail sales are due out Friday.
Meanwhile, first-quarter earnings season starts off with JPMorgan Chase (JPM), Citigroup (C) and Wells Fargo (WFC) and PNC Financial (PNC) kicking off bank earnings. And Delta Air Lines (DAL) and UnitedHealth (UNH) are the first airline and health insurer, respectively, to report for the first quarter.
Electric-vehicle giant Tesla (TSLA) moved down 4.3% in morning action Monday. Dow Jones tech giants Apple (AAPL) and Microsoft (MSFT) were lower after today's stock market open.
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