US stocks fall ahead of major retail sales and earnings
NEW YORK (AFP) – Shares on Wall Street opened lower on Monday, shedding a fraction of recent gains ahead of major U.S. retail sales and earnings reports.
Analysts cited weak Chinese industrial and retail sales data that prompted the People’s Bank of China to cut interest rates. The disappointing data was compounded by a gloomy reading from the Federal Reserve Bank of New York on regional manufacturing activity.
Market watchers said equities were positioned for a pullback after strong market performance in July and the first part of August.
About 15 minutes into trading, the Dow Jones Industrial Average was down 0.2% at 33,701.22.
The broad-based S&P 500 fell 0.3% to 4,266.78, while the tech-heavy Nasdaq Composite Index fell 0.2% to 13,016.21.
This week’s calendar will provide a window into the state of the American consumer, with government retail sales data for July next Wednesday, and earnings reports from Walmart, Home Depot and other giant chains.
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