NEW YORK: Wall Street stocks declined early Tuesday as investors anticipate a pullback from a buoyant period that has lifted markets this spring.
After a difficult 2022, US stocks have been enjoying a solid 2023, particularly over the last two months on bullish sentiment over artificial intelligence advances and anticipation of an imminent shift in Federal Reserve policy.
“Short term, the market is very extended and just due for a pullback,” said Adam Sarhan of 50 Park Investments.
Wall St Week Ahead-Investor skepticism turns to optimism as US stock rally rolls on
About 15 minutes into trading, the Dow Jones Industrial Average was down 0.5 percent at 34,117.82.
The broad-based S&P 500 shed 0.4 percent to 4,393.84, while the tech-rich Nasdaq Composite Index slipped less than 0.1 percent to 13,684.89.
The S&P 500 gained 2.6 percent last week following a Fed meeting at which the US central bank held interest rates steady for the first time in more than a year. But it added that it could increase rates again later this year.
Government data also showed a moderation in inflation.
Comments
Comments are closed.