LIVE MARKETS-Wall Street ends moderately lower ahead of CPI
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WALL STREET ENDS MODERATELY LOWER AHEAD OF CPI
Shares on Wall Street closed modestly lower on Monday ahead of a key inflation report -- the consumer price index (CPI) for July -- due out on Tuesday. Stock weakness emerged after the Nasdaq .IXIC posted a record closing high for a second straight session last Friday,
Wall Street economists expect the underlying CPI for July to have edged up to 0.3% and 3.0% on a monthly and year-on-year basis, according to a Reuters poll.
"There is growing evidence that tariff-related pressures are beginning to form under the surface," wrote Anthony Saglimbene, chief market strategist, at Ameriprise in emailed comments.
"This week's key inflation data and reads on the consumer could challenge investors' rather complacent view of the potential risks to growth."
Also on Monday, U.S. President Donald Trump signed an executive order extending a pause in sharply higher U.S. tariffs on Chinese imports for another 90 days, a White House official said, in a move that was widely expected.
A tariff truce between Beijing and Washington had been set to expire on August 12 at 00:01 (04:01 GMT), but the Trump administration had hinted the deadline could be extended.
U.S. stocks showed little reaction to the news, however.
Nvidia NVDA.O, meanwhile, slipped, while Advanced Micro Devices was up marginally AMD.O after reports that they agreed to give the United States government 15% of revenue from sales of their advanced chips to China.
Here is the closing snapshot of financial markets:
(Gertrude Chavez-Dreyfuss)
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EARLIER ON LIVE MARKETS:
WHY FED'S WALLER IS LEADING THE RACE TO REPLACE POWELL CLICK HERE
IS A PIVOTAL MOMENT FOR SMALL CAPS NEAR? CLICK HERE
WALL STREET FLAT TO SLIGHTLY UP AMID US CHIP STOCK CAUTION CLICK HERE
BENCHMARK TREASURY YIELD COILING AHEAD OF CPI CLICK HERE
"STAY NIMBLE": CPI COULD SPARK STOCKS ROTATION CLICK HERE
EUROPEAN STOCKS: LONG-TERM BULLS, SHORT-TERM CAUTION CLICK HERE
STOXX 600 FLAT, DEFENCE NAMES FALTER AS MARKETS EYE TRUMP-PUTIN TALKS CLICK HERE
EUROPE BEFORE THE BELL: FUTURES INCH HIGHER AS TRADERS EYE UKRAINE DEVELOPMENTS CLICK HERE
NIKKEI LOOKS TO REJOIN THE ALL-TIME HIGH CLUB CLICK HERE
US closing snapshot
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