NEW YORK: Wall Street stocks logged a mixed performance early Tuesday as markets braced for March inflation data this week, with key figures likely to have implications on the central bank’s next interest rate decision.
The Dow Jones Industrial Average rose 0.1 percent shortly after trading started to 33,612.26, while the broad-based S&P 500 was nearly flat at 4,109.70.
The tech-heavy Nasdaq Composite Index slipped 0.2 percent to 12,064.29.
Wall Street ends higher as investors eye jobs data
On Tuesday, the International Monetary Fund slightly lowered its global economic outlook, expecting the world economy to grow 2.8 percent this year.
But the fund added in a report that it anticipates most countries will avoid a recession despite economic and geopolitical worries.
“There isn’t enough for the stock market to crow about as a broad market driver,” said Patrick O’Hare of Briefing.com in a note on Tuesday.
“That kind of driver it seems is waiting in the wings,” he added.
With March consumer inflation data due to be released on Wednesday, “market participants are adopting a wait-and-see stance in front of that report and the earnings reports from several major banks on Friday,” said O’Hare.
US stocks shook off early weakness on Monday after a jobs report that markets considered solid, meaning it could translate into further Federal Reserve rate hikes.
Monday was the first chance for traders to assess the labor market data as stock markets in New York were closed on Friday.
European bourses were on holiday on Monday as well, dampening trading volumes in the United States.
Comments
Comments are closed.