CNBC's Margaret Brennan - The market kicked off the first day of earnings season with a mixed response. The Dow managed to a small 3 point gain as its triple-digit rallies come to weakness in the tech sector, the Nasdaq dropped by 6 points.

Aluminium giant Alcoa kicked off earnings season with a down note. Alcoa reported Q1 profit of USD 303 million less than half of what it earned a year ago. The shares dropped 4% on that news.

The market did initially response to the upside on word that Washington Mutual is close to getting USD 5 billion cash infusion, shares there jumped 29% on word that TPG and other investors are closed to making that investment in the country’s largest saving and loan.

Financial stocks rallied on Monday with Goldman Sachs up 2%, Lehman Brothers up 1.5% and shares of JP Morgan, which is of course taking over troubled Bear Stearns, dropped three cents. CNBC’s Charlie Gasperino is reporting that after half Bear Stearns 14,000 employees could be cut by April.  JP Morgan says they haven’t determined their number of layoffs.

Wall Street Action:

• Dow manages 3 pts gain, Nasdaq drops by 6 pts
• Alcoa's profit falls short of analyst's estimates
• Washington Mutual close to securing a $5 bn investment from TPG & other investors
• Financial stocks rally 

Stocks in news:

Bear Stearns
CNBC reports that half of Bear Stearns' employees could be cut by Apr
JPMorgan says they haven't decided on the no of layoffs