U.S. stocks end mixed ahead of inflation data
Release time:2024-05-21 09:00:36
NEW YORK, March 11 (Xinhua) -- U.S. stocks ended mixed on Monday, as investors awaited the crucial i 。
NEW YORK, March 11 (Xinhua) -- U.S. stocks ended mixed on Monday, as investors awaited the crucial inflation data that could offer insights into the potential timing of interest rate cuts by the Federal Reserve. The Dow Jones Industrial Average rose 46.97 points, or 0.12 percent, to 38,769.66. The S&P 500 sank 5.75 points, or 0.11 percent, to 5,117.94. The Nasdaq Composite Index shed 65.84 points, or 0.41 percent, to 16,019.27. Six of the 11 primary S&P 500 sectors ended in red, with industrials and consumer discretionary leading the laggards by losing 0.53 percent and 0.49 percent, respectively. Meanwhile, materials and energy led the gainers by rising 1.13 percent and 1.00 percent, respectively. All eyes are currently on the upcoming release of the U.S. consumer price index (CPI), scheduled for Tuesday morning. Federal Reserve Chair Jerome Powell indicated to lawmakers last week that the central bank was nearing a point where rate cuts could be considered, but emphasized the importance of being more assured about inflation returning to the 2 percent target. Currently, traders on Wall Street are estimating a 60 percent probability of the first rate cut occurring in June. "If we keep seeing progress on the inflation side, it will give investors confidence that the Fed is going to be friendlier to markets than it has been for the past couple of years," said James Robertson, senior portfolio manager at Manulife Investment Management. In terms of individual stocks on Monday, Super Micro Computer, an information technology stock, saw its value drop by over 5 percent, while chipmaker Nvidia experienced a 2 percent decline. Both companies faced pressure as investors questioned whether stocks tied to artificial intelligence still had room for growth following significant rallies. Meta, the parent company of Facebook, also struggled, witnessing a decline of 4.4 percent. Beyond the technology sector, pharmaceutical firm Eli Lilly saw its stock decrease by more than 3 percent.
(Editor:Liao Yifan)
Related articles
Storms damage homes in Oklahoma and Kansas. But in Houston, most power is restored
WICHITA, Kan. (AP) — Fast-moving storms with strong winds, large hail and apparent tornadoes swept O2024-05-21Fermín brace paves way as Barca beat Almería
Two goals from midfielder Fermin Lopez gifted FC Barcelona a 2-0 win away to Almeria on Thursday and2024-05-21America's fastest growing city is tiny 43,000
Newly released Census data shows huge numbers of Americans are flocking to small towns in Texas to g2024-05-21Europeans flock to China with visa
Under a visa-free entry policy effective from Friday, ordinary passport holders from France, Germany2024-05-21Russian theater director and playwright go on trial over a play authorities say justifies terrorism
TALLINN, Estonia (AP) — A Russian court on Monday opened the trial of a theater director and a playw2024-05-21Olympic flame arrives in Marseille amid tight security
The three-masted ship Belem carrying the Olympic flame arrived in the southern French city of Marsei2024-05-21
atest comment