Trading at the beginning of the week
US stock indices are showing a slight decline at the start of trading on Monday after a strong rise on Friday and all of last week's results.
The Dow Jones Industrial Average index was down 5.52 points (0.02%) at 33755.53 points by 10:00 a.m. ET. The Standard Poor's 500 fell 6.56 points (0.15%) to 4,273.59 points. The Nasdaq Composite lost 6.07 points (0.05%) to 13041.12 points.
This week, traders will focus on industrial production and U.S. retail sales data for July as well as quarterly reports from U.S. retailers Walmart (NYSE: WMT), Target Corp (NYSE: TGT) and Home Depot Inc (NYSE: HD).
Shares of Walmart are losing 0.1%, Home Depot 1.6% and Target 0.8%.
Pfizer (NYSE: PFE) Inc. is down 0.6 percent. CEO Albert Bourla said on Twitter (NYSE: TWTR) on Monday that he had contracted COVID-19. He said he had received four doses of the coronavirus vaccine developed by Pfizer with BioNTech (NASDAQ: BNTX) and was experiencing mild symptoms of the disease.
Wells Fargo and Co (NYSE:WFC) securities are losing 1.1% in trading. According to Bloomberg, citing informed sources, the U.S. bank plans to cut mortgage lending business.
Royal Caribbean Group's share price was down 0.2%. The cruise operator said it had started a $1 billion bond offering maturing in 2027. The funds raised will be used to repay bonds due to expire in 2022 and 2023.
The New York State Manufacturing Index (Empire State Manufacturing) collapsed to minus 31.3 points in August to its lowest level since May 2020, the Federal Reserve Bank (FRB) of New York, which calculates the index, said on Monday. In July, the index stood at 11.1 points, and experts polled by The Wall Street Journal had expected it to drop to 5 points.
