Wall Street opens in the red ahead of the next Federal Reserve meeting

NEW YORK (EFE).- Wall Street opened this Monday in red and the Dow Jones Industrial Averageits main indicator, fell 0.29%, while investors await the next meeting of the Reserva Federal (Fed)in which the regulator will decide on the direction that interest rates will take.

Twelve minutes following the trading floor opened, the Dow Jones stood at 38,686 points; the selective S&P 500 fell 0.25% to 5,333 points, and the technological Nasdaq fell 0.19% to 17,100 points.

The stock market is coming off a positive week in which gains were mainly driven by chipmaker Nvidia, which briefly reached $3 trillion in market capitalization thanks to the artificial intelligence boom.

However, the company’s stock fell slightly this morning, dropping almost 3% just days following carrying out its share split.

In addition, last Thursday the company fell below the 3 trillion mark and returned to third place in the ranking of companies with the highest market value, following briefly surpassing Apple in that ranking.

This week, Market focus is on the upcoming meeting Fed monetary policy and the publication of the Consumer Price Index for May.

Stronger-than-expected jobs data on Friday gave analysts more reason to believe the central bank will hold off on interest rate cuts.

On the corporate front, investors are keeping an eye on Apple, which is set to launch its first wave of artificial intelligence (AI) products today at its annual WWDC developers conference.

On the other hand, the benchmark 10-year Treasury bond rose to 4.461%.
By sector, losses predominated, led by the financial sector (-0.75%) and real estate (-0.55%), while the largest gains were in the goods and services sector (0.44%) and energy (0.16%).

Among the 30 Dow Jones stocks, Walmart (1.38%) and Boeing (0.62%) led the gains, while among those that opened in the red were Intel (-1.11%) and Cisco (-0.87%).

In other markets, West Texas Intermediate crude oil (WTI) opened on Monday with a rise of 0.64% to $76.01 a barrel, while analysts expect that this summer’s demand for fuel will probably lead to a supply deficit in the coming weeks.

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