NEW YORK: Wall Street stocks retreated early Tuesday, threatening last week’s positive momentum ahead of key reports on employment, consumer confidence and business sentiment.
After sinking for most of 2022, major indices finally scored strong gains last week, due in part to bargain hunting.
But early in Tuesday’s session, the first following a holiday weekend, stocks were on their back foot once again following data showing record eurozone inflation in the wake of the Ukraine war.
“Coming off the extended Memorial Day weekend, the stock market is in a ‘Now what’ frame of mind. What comes next?” said Briefing.com analyst Patrick O’Hare.
“Will it be more chasing action or will the market revert to its 2022 form of quickly selling into strength?”
About 20 minutes into trading, the Dow Jones Industrial Average had lost 1.2 percent to 32,808.31.
The broad-based S&P 500 fell 1.1 percent to 4,114.3, while the tech-rich Nasdaq Composite Index declined 1.0 percent to 12,006.5.
Although most industrial sectors were in the red, energy proved the exception, with oil producers ExxonMobil, ConocoPhillips and Devon Energy all advancing after the European Union nations agreed to ban most Russian crude imports.
This week’s economic calendar includes data on consumer confidence, as well as the May government jobs report.