Traders work on the floor of the New York Stock Exchange (NYSE) during morning trading on February 01, 2023 in New York City.
Michael M. Santiago | Getty Images
Stocks fell on Monday as investors anticipate inflation data due out this week, while bank shares advanced.
The 30-stock Dow Jones Industrial Average slipped 58 points, or 0.2%. The S&P 500 lost 0.02%. The Nasdaq Composite pulled back 0.2%.
Investor attention will turn to April’s consumer price index due out Wednesday, followed by the producer price index on Thursday. Stocks are coming off a volatile week that saw the Dow Jones Industrial Average and S&P 500 notch their worst weekly stretches since March. The losses came despite a late-week rally that saw volatile regional bank stocks jump off their lows.
Shares of PacWest outperformed, surging 28%, after the bank cut its dividend. Big banks Citigroup, Wells Fargo, JPMorgan Chase and Morgan Stanley also rose.
Elsewhere, shares of Disney rose more than 2.3% in early trading. The company is set to report quarterly results on Wednesday.
Investors are debating if the banking crisis has finally abated, according to Oanda senior market analyst Edward Moya.
“It looks like Wall Street will try to find out if bank stress is nearing the end,” Moya said. “This week won’t be as busy as last but it will still be important.”
Meanwhile, Berkshire Hathaway Class A shares rose more than 1% after Warren Buffett’s conglomerate reported its first-quarter results. The conglomerate showed operating earnings increase 12% in the first quarter, while its cash hoard topped $130 billion. Buffet personally discussed topics including the latest banking crisis that rocked Wall Street, at Berkshire Hathaway‘s annual meeting in Omaha, Nebraska.
Source: cnbc.com
