Alexa

Stocks slightly lower ahead of week's key data

Stocks slightly lower ahead of week's key data

Investors are beginning a holiday-shortened week on a cautious note.
Stocks are slightly lower in early trading Monday, following mixed moves in overseas markets. Stocks in Asia were lower, while European markets advanced.
As the second quarter comes to a close, investors are at a crossroads. After running up the market more than 30 percent in three months on a litany of "less bad" economic data, investors have become skeptical of the economy's recovery in recent weeks, desiring more concrete signs of growth.
Reflecting the market's wary outlook, investors bought up Treasurys, sending yields lower.
There is little by way of economic or corporate news scheduled for Monday. However, this week, which is shortened by the Independence Day holiday on Friday, brings key data that will give investors a better sense of where the economy is headed.
Of particular importance is the government's monthly employment report, due Thursday. Though considered a lagging indicator of the country's economic health, the unemployment rate is still one of the most closely watched gauges of the economy. The labor market is intricately tied to many facets of the economy, including consumer spending.
Investors will also get readings on consumer confidence and manufacturing this week.
In early morning trading, the Dow Jones industrial average fell 8.85, or 0.1 percent, to 8,429.54. The Standard & Poor's 500 index slipped 2.72, or 0.3 percent, to 916.18, while the Nasdaq composite index fell 10.71, or 0.6 percent, to 1,827.51.
Though the Dow Jones industrial average is still up 28.9 percent from a 12-year low on March 9, it has fallen 4.1 percent from a five-month high on June 12.


Updated : 2021-03-01 22:36 GMT+08:00