NEW YORK: Wall Street stocks dipped early Monday as major indices edged down from records ahead of a heavy week of earnings that includes Tesla and Boeing.
China’s central bank said it had cut two key interest rates to historic lows in the latest move to stimulate the economy.
Boeing shot up nearly five percent after labor negotiators agreed to present a new contract to 33,000 Seattle-area workers, potentially resolving the month-long machinist union strike.
Tech stocks boost Nasdaq, S&P 500; Netflix soars
About 10 minutes into trading, the Dow Jones Industrial Average was down 0.1 percent at 43,233.84.
The broad-based S&P 500 also slipped 0.1 percent to 5,857.87, along with the tech-rich Nasdaq Composite Index, which stood at 18,471.01.
Both the Dow and S&P 500 were at records at the end of last week.
There’s a “pattern of new highs and then not really following through,” said LBBW’s Karl Haeling, who noted that this movement is followed by a brief period in which the market retreats.
“I think it’s a healthy pattern, because it just shows that the uptrend is orderly,” Haeling said.
Other earnings this week include General Motors, American Airlines and UPS.
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