Wall St closes lower as investors position for busy week of data
Wall Street closed lower on Monday as investors braced for a slew of economic data later this week while assessing reports on Federal Reserve candidates and commentary from policymakers for clues on the interest rate outlook.
The nonfarm payroll figures for October and November are due later this week, along with reports on retail sales, business activity and inflation. October's jobs data was delayed by the government shutdown earlier this quarter.
Speculation has been rife over a possible frontrunner as Jerome Powell's term ends in May. Expectations for a dovish Fed chair have fueled bets for interest rate cuts next year.
Also on Monday, New York Fed President said the central bank's interest rate cut last week leaves it in a good position, while Fed Governor argued that current inflation does not reflect the true supply-demand dynamics.
According to preliminary data, the S&P 500 lost 9.95 points, or 0.15%, to end at 6,816.34 points, while the Nasdaq Composite lost 135.14 points, or 0.58%, to 23,060.03. The Dow Jones Industrial Average tab fell 41.43 points, or 0.09%, to 48,416.62.
Source: Reuters.com
