Wall Street Today | Strategists See Dimmer Quarterly Earnings Outlook

Given this is a time of year when earnings revisions tend to see an upward inflection in breadth, further underperformance “would be a sign that other cyclical risks, including macro headwinds, are driving the earnings revisions backdrop,” Wilson wrote in a note.

Citigroup Inc.’s index of earnings revisions shows downgrades have outpaced upgrades for four straight weeks ahead of the reporting season. JPMorgan strategist Mislav Matejka expects this to continue.

Philadelphia Federal Reserve President Patrick Harker said on Monday the current level of interest rates has nearly killed off access to the housing market for those looking to get in for the first time.

In the text of a speech to the Mortgage Bankers Association's annual convention, Harker said when it comes to housing, based on his interactions in his district, "the climate could be crystallized in seven words, which one of those contacts said to me recently: 'There are no first-time home buyers.'"

Oil edged lower as the US stepped up diplomatic efforts to stop the Israel-Hamas conflict from spreading and neared a deal to increase crude exports from Venezuela.

US officials have rushed to speak with Middle Eastern nations — including Iran, which supports Hamas — to contain the fighting. At the same time, Venezuela might see the US ease sanctions on its oil industry in exchange for a freer presidential election. West Texas Intermediate futures fell to near $87 a barrel on Monday after surging almost $5 last week.

Iran’s foreign minister has said an expansion of the war is “approaching the inevitable stage,” and the danger of a wider conflict has sparked a race to hedge against a price spike in the options market, with bullish calls trading at the biggest premium to bearish puts since April last year.