NEW YORK: Wall Street stocks dipped in early trading Monday at the start of a heavy week of economic news that includes congressional testimony from Federal Reserve Chair Jerome Powell.
Powell is set to address congressional panels on Wednesday and Thursday in semi-annual testimony.
This week’s calendar also includes earnings from big box retailer Target and the February government jobs report.
About 15 minutes into trading, the Dow Jones Industrial Average was down 0.3 percent at 38,967.60.
Wall Street Week Ahead: US value stocks draw bargain hunters while AI fever rages
The broad-based S&P 500 slipped 0.1 percent to 5,131.10, while the tech-rich Nasdaq Composite Index shed 0.2 percent to 16,249.74.
Both the S&P 500 and Nasdaq ended last week at all-time highs following a surge in Nvidia and other equities tied to artificial intelligence.
Among individual companies, Apple slumped 2.4 percent after the EU announced a 1.8 billion euro fine ($1.9 billion) for violating the bloc’s laws by preventing music streaming services from informing users about subscription options outside of its App Store.
Apple immediately vowed to appeal the first ever antitrust fine slapped on the tech giant by Brussels.
Spirit Airlines sank 10.8 percent after it and JetBlue pulled the plug on their merger following an unfavorable US court ruling. JetBlue shares rose 1.1 percent.
Comments