Stock Market Today (4/11/22): Stocks Start the Week With Sharp Losses – Kiplinger's Personal Finance

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The market began the week just as it ended the last one, with interest rates rising and tech shares selling off.
Indeed, rates rose for a seventh straight day to hit levels not seen in some time. The yield on the 10-year Treasury note spiked 5.7 basis points Monday (a basis point is one-one hundredth of a percentage point) to a three-year high of 2.77%. 
Predictably, the technology sector was one of the worst-performing sectors, sinking 2.5%. 
But it was the energy sector (-3.0%) that led the market lower, hurt by a drop in oil prices. U.S. crude oil futures shed 4% to settle at $94.29 per barrel amid fear that extended COVID-19-related shutdowns in China will sap global energy demand.
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The Nasdaq Composite ended the day down 2.2% at 13,411, hurt by weakness in big-cap tech stocks like Microsoft (MSFT, -3.9%) and Nvidia (NVDA, -5.2%). The broader S&P 500 Index (-1.7% at 4,412) and blue-chip Dow Jones Industrial Average (-1.2% at 34,308) likewise finished the session in the red.
As a reminder, it's a short week for traders and investors. The stock market will be closed on April 15 for Good Friday.
YCharts
Other news in the stock market today:
Although interest rates have been the market's main driver for months, earnings season will likely steal away traders' attention soon enough. Corporate results start flowing this week, and they're not projected to be as robust as we've come to expect.
"Analysts and companies have been more pessimistic compared to recent quarters in their earnings estimate revisions and earnings outlooks for the first quarter to date," says John Butters, senior earnings analyst at FactSet. 
The current estimated earnings growth rate for the S&P 500 is 4.5%, which would mark the lowest earnings growth rate since Q4 2020, Butters says. However, considering that the majority of S&P 500 companies report earnings above estimates, the analyst expects the actual growth rate to top 10% for a fifth consecutive quarter. 
JPMorgan Chase (JPM) headlines this week's earnings calendar when it unveils first-quarter results before Wednesday's opening bell, marking a stretch of reporting from a number of Dow Jones stocks and financial firms. Speaking of the latter, high inflation and rising interest rates put financial earnings in particulary sharp focus. Here, we've compiled a list of some of the most compelling plays in the sector, according to Wall Street's pros.
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