(Reuters) – The New York Stock Exchange opened with no clear direction on Monday at the start of a week that promises to be rich in economic indicators, including U.S. inflation, as regional bank stocks continue to rebound.
In early trading, the Dow Jones index gained 69.62 points, or 0.21%, to 33,744.00 points and the broader Standard & Poor’s 500 rose 0.11% to 4,140.68 points.
The Nasdaq Composite lost 0.05%, or 6.55 points, to 12,228.87.
The week begins in a wait-and-see climate on Wall Street, which recovered on Friday thanks to good results from Apple and a report from the US Department of Labor highlighting the resilience of the job market.
These data, while tempering expectations for interest rate cuts, helped fuel optimism about the outlook for the US economy.
Wednesday’s release of the Labor Department’s April consumer price index will provide further insight for investors, who are particularly looking to assess whether the Federal Reserve’s monetary tightening cycle has contributed to curb inflation, but also whether fears of “stagflation” – a combination of high prices and stagnant economic growth – are well founded.
The Fed’s quarterly bank lending survey, due later on Monday, is also expected to provide some insight into the impact of rate hikes as the U.S. banking sector remains in the spotlight after further setbacks. of last week.
Shares of Los Angeles-based bank PacWest rose 29.3% shortly after opening after announcing a cut in its quarterly dividend to clean up its finances.
Regional banks Western Alliance Bancorp, Comerica, Zions Bancorp and First Horizon rose 7% to 11%.
Shares of cryptocurrency groups, including Coinbase Global (-5.7%), fell after Binance halted bitcoin withdrawals for several hours on Monday due to a significant increase in transactions.
Tyson Foods fell 12.3% after posting a surprise quarterly loss and lowering its annual sales forecast. Tupperware for its part gave up 14.7% after hiring the investment bank Moelis & Co to explore strategic alternatives for its business.
(Written by Diana Mandia)
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