Stocks’ late-day pullback | Goldman’s quarterly beats | A 0.75 percentage point Fed rate hike likely?

The Dow Jones Industrial Average wiped away a gain of more than 350 points and ended the day lower.

VIEW IN BROWSER | SUBSCRIBE MON, JUL 18, 2022 EVENING BRIEF AS OF MON, JUL 18, 2022 • 05:05 ET DJIA 31072.61 -0.69% -215.65 S&P 500 3830.85 -0.84% -32.31 NASDAQ 11360.05 -0.81% -92.37 Most Active DOW NAME LAST CHG %CHG AAPL 147.07 -3.10 -2.06% INTC 38.71 +0.09 +0.23% MSFT 254.25 -2.47 -0.96% S&P 500 NAME LAST CHG %CHG AMD 81.43 +0.32 +0.39% AAPL 147.07 -3.10 -2.06% NVDA 161.01 +3.39 +2.15% NASDAQ NAME LAST CHG %CHG AMD 81.43 +0.32 +0.39% AAPL 147.07 -3.10 -2.06% NVDA 161.01 +3.39 +2.15% EDITOR'S NOTE A stock rally on Monday evaporated by mid-afternoon following a Bloomberg report that said Apple will cut hiring and spending next year to deal with a possible downturn. At one point, the Dow Jones Industrial Average was up more than 350 points.   Investors took the headline as a sign of the challenges companies will have to navigate as they deal with a stronger dollar and greater inflation. Tech firms such as Apple are contending with consumers spending more on services than on goods, as well as greater exposure to the China market that is dealing with Covid lockdowns.    "When Apple, a $2.4 trillion dollar company market cap-wise, rolls over, it's obviously going to have a pronounced impact on the headline indices and it just reminds people that companies are buckling down because of what they're seeing out there," said Peter Boockvar, chief investment officer at Bleakley Advisory Group.   It was a very different picture earlier in the day after a strong earnings report from Goldman Sachs buoyed stocks. Shares of the investment bank jumped 5.6% at one point during the session and ended the day with a 2.5% gain.   Investors approved of Goldman Sachs' results, even as CEO David Solomon said during the earnings call that inflation is "deeply entrenched" in the economy. Fixed income traders at Goldman Sachs generated about $700 million more in revenue than analysts expected, which helped the company deal with declines in investment banking revenue.   Still, market participants warned investors to brace for more volatility ahead.   "We're in somewhat of a trading pattern with volatility remaining high throughout the earning season," said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management.   "We'll get a better read on the health of the economy, the health of consumers and businesses, as seen through the lens of company management, as they report now en masse here over the next two to three weeks," Sandven added.    Sarah Min | Investing Reporter at CNBC Pro @_sarahmin Watch our live stream for all you need to know to invest smarter. TOP NEWS  Dow sheds more than 200 points in late-day pullback as a busy week of earnings begins Goldman Sachs crushes analysts' expectations on strong bond trading results Homebuilder sentiment plunges in July as buyers pull back The Fed is likely to hike rates three-quarters of a point in response to new economic signals Goldman Sachs is looking at reinstating year-end job cuts as economic outlook dims Netflix investors brace for subscriber losses as company works on long-term fixes Harris, Newsom engage with donors as possible 2024 bids loom if Biden doesn't run Delta buys 100 Boeing Max planes, its first major order with the manufacturer in more than a decade McDonald's franchisees polled by an owners group overwhelmingly support no-confidence vote on CEO Russia orders its forces to intensify operations 'in all directions'; Ukraine's Zelenskyy suspends top officials after treason fears TOP VIDEO I would stay invested, there's opportunity here, says Sarat Sethi CNBC PRO Alphabet is trading at its post-split price. Here's how the Dow would move if it joined the index SPECIAL REPORTS How soaring inflation may deliver a higher tax bill — especially for retirees, homeowners and high earners A 'double whammy': Consumers are feeling the pain of rising interest rates and ballooning credit card debt, economist says Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy © 2022 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS