Stocks in the US pared earlier gains and were trading in the red on Monday afternoon, with the Dow Jones down over 200 points, the S&P 500 falling 1.1% and the Nasdaq sliping by 1.6%.
Investors were digesting March Retail sales that rose more than expected suggesting interest rates may stay steady for longer than anticipated.
Also, efforts led by the US to ease tensions in the aftermath of Iran's attack on Israel are generating optimism for stability in the Middle East. Earnings season entered its 2nd week, with Bank of America, J&J, Morgan Stanley, UnitedHealth Group, Blackstone, Netflix, American Express, and P&G are set to report during the week.
Goldman Sachs gained 2.8% after reporting a 28% jump in Q1 profit.
Charles Schwab jumped 2.1% after earnings and revenue slightly beat estimates while JPMorgan was slightly lower.
On the other hand, shares of Tesla sank about 4.7% after news the company will lay off more than 10% of its global workforce.
Apple was also falling 2.2%.
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