Stocks lower as investors await start of earnings season Stocks fell in thin trading, with S&P 500 volume 20% below its 30-day average, which may be a sign of investors' hesitance ahead of earnings season. The Federal Reserve, European Central Bank and International Monetary Fund have all expressed some level of caution about the global growth environment this week, but stocks have remained near record levels. The market's optimism is set to be tested as Wells Fargo (WFC) and JPMorgan (JPM) kick of the reporting season tomorrow with their first quarter earnings announcements. ECONOMIC EVENTS: In the U.S., the Producer Prices Index grew 0.6% in March compared to the prior month, topping expectations for month-over-month growth of 0.3%. On a year-over-year basis, the headline PPI was up 2.2% in March. The core PPI, excluding food and energy, was up 0.3% month-over-month and up 2.4% year-over-year. Initial jobless claims dropped another 8,000 to 196,000 in the week ended April 6. In China, inflation figures for March were in-line with consensus expectations, with CPI growth of 2.3% and PPI growth of 0.4%. In Europe, the European Union and United Kingdom agreed to what was called "a flexible extension" until October 31 for the U.K. "to find the best possible solution" for its planned departure from the bloc. TOP NEWS: Shares of Bed Bath & Beyond (BBBY) slid 8.8% after the company reported earnings, gave guidance and provided an update on its transformation plan after the market close last night. Legion Partners Holdings, Macellum Advisors, and Ancora Advisors, the activist investing group that have recently been agitating for change at the retailer, responded to the news by contending that the "fourth quarter earnings provided another example of why the company needs new leadership." Shares of Tesla (TSLA) fell 2.8% following a report saying that the company and partner Panasonic (PCRFY) have put plans to expand their Gigafactory on hold due to concerns about weakening demand for Tesla vehicles. Meanwhile, TJI reported Amazon (AMZN) has launched a private label energy drink under its Solimo brand. Following the news, shares of Monster Beverage (MNST) dipped 0.4%. Additionally, the Wall Street Journal reported that Campbell Soup (CPB) is close to a deal to sell its fresh-food unit including Bolthouse Farms for about $500M to a group led by the former CEO of the troubled division. MAJOR MOVERS: Among the noteworthy gainers was Evolent Health (EVH), which rose 4.1% after the company's largest customer said it was "cautiously optimistic" that an increase in Medicaid payments implemented in Kentucky will allow it to remain in business. Also higher was Fastenal (FAST), which gained over 5% after reporting quarterly results. Among the notable losers was Intercept (ICPT), which dropped 13.2% after it released "supportive data" from its Phase 3 NASH study. Also lower was WW (WTW), which fell 10% after JPMorgan analyst Christina Brathwaite lowered her estimates and price target for the stock, saying daily active user data in the U.S. has tracked "even worse than her bearish expectations." INDEXES: The Dow fell 14.11, or 0.05%, to 26,143.05, the Nasdaq lost 16.88, or 0.21%, to 7,947.36, and the S&P 500 advanced 11c, or 0.004%, to 2,888.32. Symbols: $BBBY $TSLA $PCRFY $AMZN $MNST $CPB $EVH $FAST $ICPT $WTW $DIA $SPY $QQQSource: (thefly.com)