BUSINESS US stocks open lower ahead of Powell speech

BUSINESS

US stocks open lower ahead of Powell speech

Xinhua

23:04, October 07, 2019

Powell.jpg

US Federal Reserve Chairman Jerome Powell testifies before the House Financial Services Committee on the state of the U.S. economy, on Capitol Hill in Washington DC, the United States, on July 10, 2019. (File photo: Xinhua)

NEW YORK, Oct. 7 (Xinhua) -- U.S. stocks opened lower on Monday as investors are awaiting Federal Reserve Chairman Jerome Powell's speech and a slew of key data set to be released this week.

Shortly after the opening bell, the Dow Jones Industrial Average fell 80.13 points, or 0.30 percent, to 26,493.59. The S&P 500 declined 9.08 points, or 0.31 percent, to 2,942.93. The Nasdaq Composite Index dropped 20.51 points, or 0.26 percent, to 7,961.97.

All of the 11 primary S&P 500 sectors slid in morning trading, with industrials and materials down 0.6 percent and 0.4 percent, respectively, leading the decliners.

Powell is scheduled to speak on Tuesday at the U.S. National Association for Business Economics annual meeting.

Last week, a furry of weak U.S. data raised hope for easier monetary policy from the Federal Reserve. Market expectations for a rate cut later this month were around 80 percent, according to the CME Group's FedWatch tool.

Investors are also keeping a close eye on the U.S. September consumer price index, the data highlight on Thursday.

In the week ending Oct. 4, U.S. stocks posted mixed weekly results, with the Dow and the S&P 500 down 0.9 percent and 0.3 percent, respectively, pressured by disappointing data. The Nasdaq delivered a 0.5-percent weekly gain. 

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