US open: Stocks lower as traders look ahead to key inflation data

By Sharecast News

Sharecast News | 12 Aug, 2024

Updated : 14:51

Wall Street stocks were in the red early on Monday as market participants looked ahead to key inflation data due out later in the week.

As of 1450 BST, the Dow Jones Industrial Average was down 0.33% at 39,367.84, while the S&P 500 lost 0.16% to 5,355.70 and the Nasdaq Composite came out the gate 0.08% weaker at 16,732.49.

The Dow opened 129.70 points lower on Monday after stocks almost completely reversed their violent sell-off from the start of last week.

This week's primary focus will be the July producer price index on Tuesday and the July consumer price index on Wednesday, which may shed some light on whether or not markets have priced in the likelihood of a 50 basis point reduction in the Federal Reserve rate at its next policy meeting in September.

In the corporate space, KeyCorp surged at the open after Bank of Nova Scotia agreed to invest $2.8bn in the lender, while Starbucks also traded higher following a Wall Street Journal report that revealed activist investor Starboard Value has now taken a stake in the coffee chain.

On the macro front, July's monthly Federal Budget budget statement will be published at 1900 BST.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Merck & Co. Inc. (MRK) $114.55 0.00%
Caterpillar Inc. (CAT) $338.43 0.00%
Microsoft Corp. (MSFT) $406.02 0.00%
Nike Inc. (NKE) $74.34 0.00%
Salesforce.Com Inc. (CRM) $252.62 0.00%
Unitedhealth Group Inc. (UNH) $558.76 0.00%
Home Depot Inc. (HD) $348.64 0.00%
Dowdupont Inc. (DWDP) $0.00 0.00%
Walt Disney Co. (DIS) $86.21 0.00%
Johnson & Johnson (JNJ) $160.62 0.00%

Dow Jones - Fallers

S&P 500 - Risers

Regions Financial Corp. (RF) $21.19 2.22%
Under Armour Inc. Class A (UAA) $8.07 2.09%
Marathon Petroleum Corporation (MPC) $177.92 1.19%
FMC Technologies Inc. (FTI) $26.28 1.15%
Halliburton Co. (HAL) $31.35 1.13%
Phillips 66 Common Stock (PSX) $136.80 1.03%
Intel Corp. (INTC) $19.90 0.96%
Broadcom Inc. (AVGO) $149.68 0.95%
PNC Financial Services Group (PNC) $171.33 0.83%
eBay Inc. (EBAY) $56.99 0.83%

S&P 500 - Fallers

CenturyLink Inc. (LUMN) $5.22 -6.28%
QUALCOMM Inc. (QCOM) $160.39 -2.49%
Lowe's Companies Inc. (LOW) $231.10 -2.01%
Kraft Heinz Co. (KHC) $34.58 -1.94%
CIGNA Corp. (CI) $329.73 -1.91%
News Corp Class A (NWSA) $27.26 -1.73%
News Corp Class B (NWS) $28.26 -1.69%
Ford Motor Co. (F) $9.93 -1.68%
Dollar Tree Inc (DLTR) $93.57 -1.56%
Henry Schein Inc. (HSIC) $67.88 -1.54%

Nasdaq 100 - Risers

Nvidia Corp. (NVDA) $108.35 3.44%
Take-Two Interactive Software Inc. (TTWO) $148.77 2.73%
Starbucks Corp. (SBUX) $76.81 2.29%
Applied Materials Inc. (AMAT) $193.48 1.20%
KLA-Tencor Corp. (KLAC) $755.02 1.10%
Vodafone Group Plc ADS (VOD) $9.53 1.01%
Analog Devices Inc. (ADI) $213.40 0.99%
Intel Corp. (INTC) $19.90 0.96%
Broadcom Inc. (AVGO) $149.68 0.95%
DENTSPLY Sirona Inc. (XRAY) $24.34 0.87%

Nasdaq 100 - Fallers

QUALCOMM Inc. (QCOM) $160.39 -2.49%
Sirius XM Holdings Inc (SIRI) $3.08 -2.07%
Kraft Heinz Co. (KHC) $34.58 -1.94%
Dollar Tree Inc (DLTR) $93.57 -1.56%
Henry Schein Inc. (HSIC) $67.88 -1.54%
Tesla Inc (TSLA) $197.41 -1.29%
Align Technology Inc. (ALGN) $212.15 -1.29%
Gilead Sciences Inc. (GILD) $72.74 -1.25%
O'Reilly Automotive Inc. (ORLY) $1,111.25 -1.17%
Hasbro Inc (HAS) $63.55 -1.12%

US open: Stocks lower as traders look ahead to key inflation data

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