Tech stocks pulls Nasdaq higher, although Dow and S&P 500 finish in the red.
Wall Street traded mostly lower on Monday, as lingering trade-war fears dampened investor appetite ahead of a high-profile inflation report later in the week.
The Dow Jones Industrial Average (NYSEARCA:DIA) declined 157.13 points, or 0.6%, to finish at 25,178.61.
The broader S&P 500 Index (NYSEARCA:SPY) edged down 0.1% to close at 2,783.02. Six of 11 sectors finished lower.
Strong tech stocks lifted the Nasdaq Composite Index (NYSEARCA:QQQ) to new record highs. The average rose 0.4% to 7,588.32.
The Chicago Board Options Exchange (CBOE) Volatility Index (NYSEARCA:VXX) rose on Monday, partially offsetting las week’s sharp drop. Wall Street’s preferred fear index closed up nearly 8% at 15.78.
On Friday, stocks recorded one of their strongest sessions of the year on the back of better than expected jobs data. U.S. employers added 313,000 nonfarm jobs in February, the strongest pace of hiring in a year-and-a-half.
Attention shifts back to the economic data on Tuesday with the Department of Labor set to release monthly inflation figures. The February consumer price index (CPI) is projected to strengthen to 2.2% annually, compared with 2.1% the previous month. The Federal Reserve targets inflation at 2% but relies on the core PCE index to measure price changes.
The Final Word: Tuesday’s inflation report is expected to strengthen the Fed’s hand in raising interest rates later this month. The Federal Open Market Committee (FOMC) will hold official talks on monetary policy Mar. 20-1.