Dow and S&P 500 fall amid inflation worries

[NEW YORK] Wall Street stocks mostly fell early Monday amid worries over rising inflation and as China reported disappointing third-quarter growth figures.

US stocks opened the week on a tepid note as the yield on the 10-year US Treasury note pushed back above 1.60 per cent, a sign on increased pricing pressure.

Meanwhile, output by US industries fell 1.3 per cent last month amid continued supply constraints, the Federal Reserve reported.

In China, official data estimated third-quarter growth of just 4.9 per cent, below analyst expectations and a big drop from the 7.9 per cent level in the prior quarter.

About 20 minutes into trading, the Dow Jones Industrial Average was at 35,178.17, down 0.3 per cent.

The broad-based S&P 500 slipped 0.1 per cent to 4,466.48, while the tech-rich Nasdaq Composite Index was flat at 14,903.52.

The early weakness marked a shift from the buoyant finale to Friday's trading that led to weekly gains.

This week's calendar includes a heavy spate of earnings from Tesla, Netflix and others, as well as US housing data and the Federal Reserve's report on US economic conditions in advance of its November policy meeting, where it is expected to announce the start of tapering of stimulus.

AFP