Wall Street stocks edged lower on Monday as investors weighed higher oil prices and looked ahead to a busy week of economic data, including fresh readings on inflation.
In early trading, the Dow Jones Industrial Average was down 0.2 percent at 53,937.14. The broad-based S&P 500 dipped 0.1 percent to 7,753.90, while the tech-rich Nasdaq Composite Index shed 0.2 percent to 26,638.35.
Oil prices climbed around 1.5% after Iran said it would not reopen the Strait of Hormuz until the United States met a series of demands, including compensation for war-related damage. The development added to concerns about potential disruptions to global energy supplies.
Investors are also preparing for several important US economic indicators this week. Markets will receive new data on consumer and wholesale inflation, along with a July retail sales report. The figures could provide fresh clues about the direction of the US economy and the Federal Reserve’s monetary policy.
On Friday, US stocks ended higher after a weaker-than-expected US employment report showed the country unexpectedly losing thousands of jobs in July. The disappointing labour-market data led investors to reassess expectations for the Fed’s interest rate path.
About The Author
