US stock market: US stocks saw a decline at the beginning of a shortened holiday week on Monday as investors prepared for inflation data. All three major US stock indexes closed in the negative, with the Dow experiencing the largest percentage loss. The dollar also weakened as concerns about yen intervention and pressure from China’s government-supported yuan rally weighed on it.
Wall Street’s attention was on Boeing (BA.N) as the company announced that its CEO Dave Calhoun would step down by the end of the year due to safety concerns.
Ryan Detrick, chief market strategist at Carson Group in Omaha, commented, “Following last week’s strong performance, stocks are taking a pause today in anticipation of the upcoming inflation data. Many people are on spring break this week, and with a holiday approaching, a period of low trading volume after a significant rally is normal.”
Following the Federal Reserve’s decision to keep its policy rate unchanged and expectations for rate cuts this year, markets are now awaiting the Personal Consumption Expenditures (PCE) report from the Commerce Department on Friday.
The PCE data for February is expected to show an increase in inflation, with prices rising by 0.4 percent. Core price inflation, which excludes food and energy prices, is expected to cool to 0.3 percent from the previous month.
The Dow Jones Industrial Average fell 0.41 percent, the S&P 500 lost 0.31 percent, and the Nasdaq Composite dropped 0.27 percent.
European stocks recovered from a slight decline, and the STOXX 600 index rose slightly, while MSCI’s global stock gauge decreased.
Emerging market stocks and Asian-Pacific shares outside Japan also experienced losses, while the dollar weakened against other currencies.
Bitcoin’s value surged above $70,000, treasury yields rose, and oil prices increased due to supply concerns and geopolitical tensions.
US crude settled at $81.95 per barrel, Brent closed at $86.75 per barrel, and gold prices rose in anticipation of key US economic data.
