NEW YORK: Wall Street stocks were mixed early Monday amid unease over recent equity losses and upheaval in the foreign exchange market that has lifted the dollar to historic highs.
After large losses last week, markets are currently “very oversold,” said Adam Sarhan of 50 Park Investments.
“We’re due to bounce,” he added. “If we don’t bounce, and instead we continue to fall, that shows you how very weak this market is.”
Wall Street Week Ahead: Investors wonder when vicious sell-off in US stocks will end
The broad-based S&P 500 dropped nearly five percent last week after the Federal Reserve announced another big hike in interest rates, spurring rate moves from the Bank of England and other central banks.
About 15 minutes into trading, the Dow Jones Industrial Average was down 0.5 percent at 29,455.46.
The broad-based S&P 500 slipped 0.1 percent to 3,690.64, while the tech-rich Nasdaq Composite Index advanced 0.6 percent to 10,936.43.
This week’s economic calendar includes reports on durable goods orders and consumer confidence.
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