Wall Street slips ahead of inflation data, crude oil surges | Stock Market News

Wall Street stocks edged lower on Monday as investors weighed higher oil prices and looked ahead to a busy week of economic data, including fresh readings on inflation.

As of 12:43 p.m. Eastern Time, the S&P 500 fell 0.1%, the Dow Jones Industrial Average fell 0.2%, and the Nasdaq Composite was 0.5% lower.

In early trading, the Dow Jones Industrial Average was down 0.2 percent at 53,937.14. The broad-based S&P 500 dipped 0.1 percent to 7,753.90, while the tech-rich Nasdaq Composite Index shed 0.2 percent to 26,638.35.

Oil prices climbed around 1.5% after Iran said it would not reopen the Strait of Hormuz until the United States met a series of demands, including compensation for war-related damage. The development added to concerns about potential disruptions to global energy supplies.

Brent crude futures rallied 3.06% to $86.11 per barrel, and US crude jumped 3.26% to $80.73.

Investors are also preparing for several important US economic indicators this week. Markets will receive new data on consumer and wholesale inflation, along with a July retail sales report. The figures could provide fresh clues about the direction of the US economy and the Federal Reserve’s monetary policy.

On Friday, US stocks ended higher after a weaker-than-expected US employment report showed the country unexpectedly losing thousands of jobs in July. The disappointing labour-market data led investors to reassess expectations for the Fed’s interest rate path.

In the bond market, the yield on the 10-year Treasury rose to 4.68% from 4.65% on Friday.

Berkshire Hathaway’s stock rose 2.4% following the company’s stronger profit for the last quarter than analysts expected.

MarineMax shares soared 45.9% after the retailer, marina operator said it has agreed to sell itself for about $1.5 billion to Blackstone’s portfolio company.

Varex Imaging stock rallied 48.3% after Teledyne Technologies announced to acquire the maker of X-ray imaging components for $18.90 per share.

Intel shares fell 4.2% after the chipmaker said it may sell $15 billion of its stock.

Gold prices slipped on Monday under pressure from a strengthening greenback as market participants turned their attention toward forthcoming US inflation figures.

By 09:33 a.m. EDT (1333 GMT), spot gold slid 0.2% to $4,335.27 per ounce. US gold futures dipped 0.1% to $4,394.00.

"Gold is pressured by the firm dollar index and is kind of at a pause today ahead of key inflation report that is out later this week," said Jim Wyckoff, a market analyst at American Gold Exchange.

Among other metals, spot silver rose 0.6% to $63.96 per ounce, platinum dropped 0.5% to $1,736.45, and palladium fell 1% to $1,363.50.

With a distinguished career spanning nearly two decades at the highest levels of financial journalism, Rajendra Kumar Saxena stands as a cornerstone of the editorial leadership team at Livemint.com. In his current capacity as Content Editor, he is responsible for managing the comprehensive editorial lifecycle of the publication. His role is multifaceted, encompassing the strategic selection of high-impact stories, original reporting, and meticulous editing. <br> Furthermore, Rajendra is instrumental in executing a sophisticated Search Engine Optimization (SEO)-driven content strategy, ensuring that the platform's digital content reaches a global audience while maintaining the highest standards of journalistic integrity and accuracy prior to publication. <br> Rajendra’s professional journey is characterized by a profound expertise in a wide array of critical sectors. His analytical depth covers global economics, commodities, and stock market dynamics (across both Indian and United States landscapes). <br> Beyond the financial markets, he possesses a keen understanding of political affairs, banking and finance, foreign affairs, and the rapidly evolving technology sector. <br> His eighteen years journey in financial and business journalism includes a significant tenure at Financialexpress.com and freelance contributions to The Hindu. <br> Currently based in Delhi, Rajendra holds a Master of Journalism degree from the prestigious Makhanlal Chaturvedi National University of Journalism and Communication (MCNUJC). His blend of academic rigor and decades of on-the-ground experience makes him a leading voice in navigating the complexities of today’s financial world.

Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.