(Reuters) – The New York Stock Exchange opened lower on Monday as investors await key inflation data that could provide more guidance on the timing of monetary easing after a mixed jobs report .
In early trading, the Dow Jones index lost 96.39 points, or 0.25% to 38,626.30 points and the broader Standard & Poor’s 500 dropped 0.20% to 5,113.33 points.
The Nasdaq Composite lost 0.15%, or 24.32 points, to 16,060.80
After last week’s records, driven by artificial intelligence champion Nvidia and increased optimism on interest rates, the three main US stock indices are moving away from records, with investors awaiting key data on the inflation on Tuesday to assess the chances of an upcoming interest rate cut.
These figures will be followed with all the more attention as a report showed on Friday a higher number of job creations than expected and an unexpected increase in the unemployment rate in the United States, a table mixed, which nevertheless maintains expectations of a reduction in interest rates from the Federal Reserve (Fed) in June.
The US Consumer Price Index (CPI) for February is expected to rise 0.4% and maintain the annual pace at 3.1%, while core inflation is expected to rise 0.3%, which would bring the annual rate down to 3.7%, its lowest level since the start of 2021.
Nvidia loses 1.2% after hitting a record last week. Other groups in the semiconductor sector, including Qualcomm and Broadcom, fell by 1.2% and 3.7% respectively.
In terms of values, Boeing lost 1.7% after Alaska Airlines announced on Saturday that it was cooperating with the US Department of Justice as part of an investigation into the Boeing 737 MAX, a part of the fuselage of which detached in mid-flight in January.
At least 50 people were also injured in Australia on Monday during a Latam Airlines flight from Sydney to Auckland after a “technical problem” on a Boeing 787-9.
Equitrans Midstream gains 4% after EQT said it would buy its former division to create a more than $35 billion integrated natural gas provider.
(Writing by Diana Mandiá, editing by Kate Entringer)
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