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NEW YORK: The Dow and S&P 500 rose in early trading Monday as traders hoped for progress in peace talks to end the Ukraine war, though tech stocks slumped as China imposed new Covid-19 restrictions.

The session started a week where the Federal Reserve is expected to announce the first interest rate increase since the pandemic began at the conclusion of its policy setting meeting Wednesday, ending its easy money policies meant to support the economy as the United States grapples with high inflation.

Though the two countries are negotiating, Russia’s invasion of Ukraine has pushed oil prices higher and prompted fears the price increases could continue, while over the weekend, China locked down tech hub Shenzen and nine other cities while rolling out other restrictions to combat a new Covid-19 outbreak.

Wall Street retreats on scorching US inflation

“The situation in China is bad because it is a pressure point for global economic growth and inflation in that it is contributing to supply chain constraints,” Patrick J. O’Hare of Briefing.com said.

About 15 minutes into trading, the benchmark Dow Jones Industrial Average was up 0.4 percent at 33,065.51. the broad-based S&P 500 gained 0.2 percent to 4,211.83.

The tech-rich Nasdaq Composite Index was down 0.1 percent at 12,834.81.

Apple was down 1.4 percent after Foxconn, a major supplier of its components, suspended its operations in Shenzen.

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