US: Stocks end choppy session modestly down

[NEW YORK] Wall Street stocks edged lower on Monday ahead of key retail sales data and earnings expected to shed light on the state of US consumers ahead of the holiday shopping season.

The October retail sales report, which will be released on Tuesday, is usually closely scrutinised given its proximity to the festive season.

But this year's report also comes on the heels of data showing US consumer price inflation at a 30-year high as worries rise that supply chain problems will dent sales.

"Investors are waiting for retail sales," said Jack Ablin, chief investment officer at Cresset Capital, describing the market's approach as "wait and see." Markets are also keen for earnings reports later in the week from large retailers, including Walmart and Target.

The Dow Jones Industrial Average ended down less than 0.1 per cent at 36,087.45.

The broad-based S&P 500 was flat at 4,682.80, while the tech-rich Nasdaq Composite Index dipped less than 0.1 per cent at 15,853.85.

Among individual companies, Tyson Foods rose 3.6 per cent as it reported that quarterly profits doubled to US$1.3 billion behind strong demand for meat.

CyrusOne, a real estate investment trust focused on data centres, jumped 4.7 per cent after announcing a deal to be acquired by KKR for about US$15 billion in cash.

Boeing jumped 5.5 per cent as the company announced a contract with an Icelandic company to convert 11 single-aisle 737 aircraft into cargo planes.

The company also got a lift from upbeat comments from Boeing executives at the Dubai Airshow about progress in winning China's approval to resume service on the 737 MAX.

AFP