Wall Street mixed as markets digest last week’s gains
A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in New York City, New York, US, July 19, 2021. PHOTO: REUTERS
Wall Street stocks were mixed early on Monday as markets attempt to build off last week’s gains ahead of a Federal Reserve decision later this week.
Investors widely expect the Fed to cut interest rates on Wednesday for the first time since March 2020. But markets are not sure whether to expect a 25 basis point cut or the more aggressive 50 basis point cut.
About 10 minutes into trading, the Dow Jones Industrial Average was up 0.5 percent at 41,612.16.
The broad-based S&P 500 declined 0.2 percent to 5,614.13, while the tech-rich Nasdaq Composite Index dropped 1.0 percent to 17,514.91.
“Overall, the early action for stocks looks fairly muted. That should change as the week progresses,” said Briefing.com analyst Patrick O’Hare, noting that the market will also have retail sales data to digest on Tuesday.
Among individual companies, Apple tumbled 3.7 percent amid speculation of lackluster sales for its new iPhone.