Tesla is rising after it disclosed a jump in quarterly deliveries, but other car makers are slipping after reporting March sales figures that disappointed investors.
NEW YORK — U.S. stocks are mostly lower in early trading Monday, the first day of trading in the second quarter. Tesla is rising after it disclosed a jump in quarterly deliveries, but other car makers are slipping after reporting March sales figures that disappointed investors. Banks and energy companies are trading lower as well. Gains for insurance companies are leading health care stocks higher.
KEEPING SCORE: The Standard & Poor's 500 index lost 4 points, or 0.2 percent, to 2,358 as of 10:20 a.m. Eastern time. The Dow Jones industrial average fell 25 points, or 0.1 percent, to 20,638. The Nasdaq composite shed 2 points to 5,909. The Russell 2000 index of small-company stocks gave up 7 points, or 0.6 percent, to 1,378.
HONK IF YOU'RE SELLING: Auto sales have reached all-time highs in recent years and they're expected to rise in March as well, but analysts fear they've plateaued and will start slowing down soon. That hurt car makers and parts suppliers on Monday.
Ford's sales slumped 7.5 percent as sales of SUVs slipped and car sales plunged because of some big fleet sales the company reported a year ago. Fiat Chrysler said its totals sales declined 5 percent. Ford gave up 27 cents, or 2.3 percent, to $11.37 and Fiat Chrysler lost 38 cents, or 3.5 percent, to $10.55. General Motors said its sales grew 2 percent, but that didn't excite investors. Its stock fell $1.08, or 3.1 percent, to $34.28.
Tesla said over the weekend that its deliveries jumped 69 percent in the first quarter to a record 25,000. The electric car company's stock climbed $13.98, or 5 percent, to $292.28.
Auto parts retailer O'Reilly Automotive dropped $12.31, or 4.6 percent, to $257.53 and AutoZone and $18.98, or 2.6 percent, to $704.07.