U.S. equities fell Monday as Wall Street braced for big company earnings reports slated for later in the week which could signal how inflation is impacting businesses.

The Dow Jones Industrials lost 143.48 points to 31,194.67.

The S&P 500 lost 46.8 points, or 1.2%, to 3,852.42.

The NASDAQ Composite stumbled 265.07 points, or 2.3%, to 11,370.23.

Monday’s moves lower come on the back of worsening COVID trends in China, with Shanghai detecting its first case of the BA.5 subvariant and Macau closing its casinos for a week. Casino and hotel stocks fell on the news. Wynn Resorts and Las Vegas Sands lost 8% each.

Information technology and communication services slipped about 2%, led by beaten-up tech shares. Alphabet, Tesla and Netflix shed about 3% each. Boeing, Intel and Walt Disney fell more than 2%, dragging down the Dow.

Twitter shares fell 6% after Elon Musk terminated a deal worth $44 billion to buy the social media company. The billionaire took issue with the number of bots and fake accounts on the platform and said Twitter wasn’t being truthful about how authentic activity on the platform was. However, the company said it gave Musk the information he needed to assess the claims.

Investors this week are laser-focused on the start of corporate earnings season. The findings could signal how inflation and surging prices are hitting profits. PepsiCo and Delta Air Lines are scheduled to report earnings Tuesday and Wednesday.

JPMorgan Chase, Morgan Stanley, Wells Fargo and Citigroup are set to report at the end of the week.

Treasury prices gained, bringing yields up to 3.12% from Friday’s 3.04%. Treasury prices and yields move in opposite directions.

Oil prices fell $2.28 to $102.51 U.S. a barrel.

Gold prices doffed $3.20 to $1,739.10 U.S. an ounce.