All three major U.S. stock indexes closed the session in the red, with the blue-chip Dow suffering the largest percentage loss
U.S. stocks lost ground at the start of a holiday-shortened week on Monday as investors positioned themselves ahead of inflation data.
All three major U.S. stock indexes closed the session in the red, with the blue-chip Dow suffering the largest percentage loss.
The dollar dropped as the risk of yen intervention loomed and it came under pressure from China’s government-supported yuan rally.
Wall Street focused on Boeing after the planemaker said its CEO Dave Calhoun will step down by year-end after a number of safety concerns.
On the heels of the best week of the year last week, stocks are taking a bit of a breather today, with the inflation data set to come out later this week, according to Ryan Detrick, chief market strategist at Carson Group in Omaha.
The truth is many people are on spring break this week, he said. We have a holiday right around the corner, so a light-volume consolidation after the big run we have seen is perfectly normal, he added.
After the U.S. Federal Reserve’s decision last Wednesday to leave its key policy rate unchanged, and its “dot plot” still reflecting expectations for three cuts to that rate this year, markets are looking ahead to Friday’s PCE report due from the Commerce Department.
The report will be released on the Good Friday holiday despite it being a market holiday.
The Dow Jones Industrial Average dropped 162.26 points, or 0.41%, to 39,313.64, the S&P 500 shed 15.99 points, or 0.31%, to 5,218.19 and the Nasdaq Composite shed 44.35 points, or 0.27%, to 16,384.47.
European stocks reversed a modest sell-off to eke out nominal gains as market participants digested dovish sentiment from major central banks.
The pan-European STOXX 600 index gained 0.04% and MSCI’s gauge of stocks across the globe declined 0.24%.
Emerging market stocks shed 0.25%. MSCI’s broadest index of Asia-Pacific shares outside Japan ended 0.07% lower, while Japan’s Nikkei shed 1.16%.
