NEW YORK: Wall Street stocks treaded water early Monday ahead of a trove of major economic data releases and central bank meetings.
This week’s jammed schedule includes the November reading for the consumer price index and retail sales, as well as the Federal Reserve’s last monetary policy decision of 2023.
“The market has done so well,” said Quincy Krosby of LPL Financial. “So it would be helpful for the market to rest, to consolidate, ease a bit before it gains a momentum with the so called ‘Santa Claus Rally’.”
Wall Street Week Ahead: Year-end rally in US stocks faces twin tests as Fed, inflation data loom
About 25 minutes into trading, the Dow Jones Industrial Average was flat at 36,248.61.
The broad-based S&P 500 edged down 0.1 percent to 4,601.48, while the tech-rich Nasdaq Composite Index was unchanged at 14,363.95.
Among individual companies, Macy’s surged more than 15 percent after an investment consortium offered to buy the department store chain for $5.8 billion, according to the Wall Street Journal.
Occidental Petroleum climbed 0.8 percent after announcing a deal buy rival American energy producer CrownRock, a private company, for $12 billion.
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