Wall Street opens in the red, with the Dow Jones down 0.28%.

In terms of sectors, losses are led by the industrial sector (-0.55%) and the financial sector (-0.41%). CPI data is awaited.

Ignacio Teson•Monday, March 11, 2024•1 min read

On Monday, Wall Street opened in the red, with the Dow Jones Industrial Average down 0.28%, as investors await new inflation data to be released this week.

Three minutes after the market opened, the Dow Jones stood at 38,614 points, while the S&P 500 index was down 0.21% to 5,113 points.

The Nasdaq Composite index, where major technology companies are listed, experienced a slight decline of 0.08%, reaching 16,072 units.

Traders are keeping an eye on the Consumer Price Index and Producer Price Index for February, which are scheduled to be released on Tuesday and Thursday, respectively. These releases will provide insights into the direction of interest rates set by the Federal Reserve (Fed).

With the rise in the unemployment rate and lower-than-expected wage growth the previous month, some analysts believe that the central bank may begin to ease its monetary policy.

In terms of sectors, losses were led by the industrial sector (-0.55%) and the financial sector (-0.41%), while the materials sector (0.31%) and the essential goods sector (0.26%) saw the largest gains.

Among the 30 Dow Jones components, Apple (1.67%) and Nike (1.62%) stood out with gains, while Boeing (-2.19%) and Caterpillar (-1.15%) experienced losses.

Regarding political news, on Monday, Donald Trump outlined some of his financial priorities and defended his proposal for widespread tariffs of 10%, stating that any resulting price increases for families could be offset with tax cuts. He also called for the extension of his 2017 tax cuts.

His tariff plan has sparked discussions about inflation, with U.S. Treasury Secretary Janet Yellen stating that it would raise costs for American consumers.

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ABOUT THE AUTHOR See More

Ignacio Teson

Economist and Financial Analyst

Ignacio Teson is an Economist and Financial Analyst. He has more than 7 years of experience in emerging markets. He worked as an analyst and market operator at brokerage firms in Argentina and Spain.