U.S. Stocks Close Monday Lower
(MENAFN) U.S. stocks declined on Monday as investors braced for pivotal inflation data expected later this week.
The Dow Jones Industrial Average dropped 200.52 points, or 0.45%, settling at 43,975.09. The S&P 500 lost 16 points, or 0.25%, closing at 6,373.45, while the Nasdaq Composite fell 64.62 points, or 0.30%, ending the session at 21,385.40.
Negative momentum dominated the market, with eight of the eleven major sectors within the S&P 500 posting losses. Energy stocks led the downturn with a 0.79% decline, followed by real estate, which fell 0.65%. Consumer staples and consumer discretionary were the only sectors to advance, rising 0.17% and 0.14%, respectively.
“Wall Street is probably breathing a sigh of relief, because we did have a nice bounce back last week from the sell-off experience the week before as a result of that very disappointing employment report,” stated Sam Stovall, chief investment strategist at CFRA Research.
Market focus has shifted toward inflation metrics that will heavily influence the Federal Reserve’s interest rate decisions. The consumer price index (CPI) for July is slated for release on Tuesday, followed by the producer price index (PPI) on Thursday.
Claudio Irigoyen, senior strategist at Bank of America, cautioned that the Fed might postpone rate cuts despite recent weaker job numbers. He wrote Monday, “Cutting in September may risk starting the easing cycle without evidence that inflation has peaked.”
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