NEW YORK: Wall Street stocks dipped early Tuesday as markets took a cautious approach ahead of a Federal Reserve decision and key US consumer pricing data.
After a big advance by Nvidia and some other big tech names so far in 2024, “market participants are anticipating a possible consolidation period,” said Briefing.com analyst Patrick O’Hare.
Wednesday’s Fed decision and consumer price index data “has market participants in a wait-and-see mode since both will fuel expectations about the path of monetary policy,” he said.
US stocks open lower following drop in European bourses
About 15 minutes into trading, the Dow Jones Industrial Average was down 0.8 percent at 38,562.85.
The broad-based S&P 500 dipped 0.4 percent to 5,338.29, while the tech-rich Nasdaq Composite Index slipped 0.2 percent to 17,167.28.
The World Bank raised its global growth outlook on the back of resilient consumer spending in the United States, now projecting the world economy to grow by 2.6 percent this year, up 0.2 percentage points from its last update in January.
Among individual companies, General Motors advanced 1.6 percent as it lifted its dividend by 33 percent and announced a new share repurchase authorization to repurchase up to $6 billion.
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