US stocks open flat ahead of week’s economic data

A street sign, Wall Street, is seen outside New York Stock Exchange (NYSE) in New York City, New York, January 3, 2019. — Reuters pic
A street sign, , is seen outside New York Stock Exchange (NYSE) in New York City, New York, 3, 2019. — Reuters pic

NEW YORK, Jan 7 — Wall Street stocks were little changed early today following last week’s volatility and ahead of key US economic data releases later in the week.

About 10 minutes into trading, the Dow Jones Industrial was down 0.2 per cent at 23,396.19.

The broad-based S&P 500 was essentially flat at 2,531.59, while the tech-rich Nasdaq Composite Index gained 0.2 per cent to 6,753.51.

A strong rally Friday following blockbuster US jobs data and reassuring commentary from Federal Reserve Chair Jerome Powell lifted for the week and allowed investors to shift away for the time-being from angst over slowing growth and trade wars that pummelled stocks in December.

Key data releases later this week include consumer prices and services sector activity, as well as Fed minutes from the December’s policy meeting, when the raised the benchmark interest rate for the fourth time in 2018.

Investors also are beginning to look ahead to the upcoming earnings season, which kicks off in mid-January.

Among individual companies, Eli Lilly fell 0.9 per cent after announcing it would acquire cancer treatment specialist Loxo Oncology in a cash deal valued at around US$8 billion. Loxo surged 66.4 per cent. — AFP

Source: The Malay Mail Online

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