Daily Times

Wall Street stocks opened lower Monday, handing back a fraction of recent gains ahead of key US retail sales and earnings reports. Analysts cited weak Chinese industrial and retail sales data that prompted the People’s Bank of China to cut interest rates. The disappointing data was compounded by a gloomy reading from the New York Federal Reserve Bank on regional manufacturing activity. Market watchers said stocks were positioned for a pullback following the market’s buoyant performance in July and the first part of August. About 15 minutes into trading, the Dow Jones Industrial Average was down 0.2pc at 33,701.22. The broad-based S&P 500 shed 0.3pc to 4,266.78, while the tech-rich Nasdaq Composite Index declined 0.2pc to 13,016.21. This week’s schedule will offer a window into the state of the US consumer, with government data on retail sales for July coming Wednesday, and earnings reports from Walmart, Home Depot and other giant chains.