Investors have been waiting for the crucial United States jobs data that is going to be released at the end of this week. The next time the Federal Reserve meets will be on June 14-15.
“I think this is a classic wait-and-see the data kind of week,” Philip Blancato, chief executive officer of Ladenburg Thalmann in New York, stated. “So if the data comes in as strong as I think, then you could be seeing a pretty significant pump to the expectations for the Fed to be able raise rates in June.”
At 11:35 a.m. ET (1535 GMT) the Dow Jones industrial average .DJI had decreased 69.73 points, or 0.39%, to 17,803.49. The S&P 500 .SPX dropped 3.03 points, or 0.14%, to 2,096.03. The index had jumped about 1.6% in May through Friday’s close. The Nasdaq Composite .IXIC grew 8.03 points, or 0.16%, to 4,941.54, anchored by healthcare stocks. Fifty percent of the ten major S&P sectors had decreased, with the consumer staples index’s .SPLRCS 0.55% drop leading the decliners.
Advancing issues were more prevalent than the decliners on the NYSE by 1,631 to 1,266. On the Nasdaq, 1,604 issues increased, and 1,057 decreased. The S&P 500 index showed twenty-four new 52-week highs and no new lows, while the Nasdaq saw sixty-three new highs and six new lows.