US: Stocks open news-jammed week in the red
WALL Street stocks declined early Monday (Apr 10) as markets digested the latest US jobs data and prepared for key inflation updates, on top of bank earnings in a news-heavy week.
Monday’s session was the first since the release of March employment figures by the Labor Department, which showed the US economy added 236,000 jobs last month.
This was slightly less than expected, and came as the unemployment rate inched down to 3.5 per cent.
Analysts considered the jobs report solid, meaning it could translate into further Federal Reserve interest rate hikes, depending on additional upcoming data.
About 20 minutes into trading, the Dow Jones Industrial Average was down 0.2 per cent at 33,424.06.
The broad-based S&P 500 slid 0.7 per cent to 4,076.38, while the tech-rich Nasdaq Composite Index dropped 0.5 per cent to 11,936.92.
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This week’s calendar also includes crucial consumer price and producer price reports – providing the latest snapshot of inflation – as well as data on March retail sales.
First-quarter corporate earnings season begins in earnest as well, with reports due from several of the largest banks including JPMorgan Chase and Citigroup.
These will offer the deepest glimpse into bank industry conditions since the dramatic fall of Silicon Valley Bank and two other mid-sized lenders last month – which had prompted the authorities to intervene to prevent contagion.
Meanwhile in Washington, the annual spring meetings of the World Bank and International Monetary Fund will get underway this week, amid concerns over high inflation, rising geopolitical tensions and financial stability. AFP
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