Business Recorder
NEW YORK: Wall Street stocks dipped early Monday ahead of US inflation data as markets looked ahead to this week’s China visit by US President Donald Trump and Iran war developments. Oil prices climbed after Trump rejected Iran’s latest counteroffer to a US peace proposal, which leaves the Strait of Hormuz mostly closed to oil tanker traffic. About 10 minutes into trading, the Dow Jones Industrial Average was down 0.1 percent at 49,586.40. The broad-based S&P 500 was unchanged at 7,398.19, while the tech-rich Nasdaq Composite Index dipped 0.2 percent to 26,184.07. With the bulk of earnings season now complete, markets will turn the focus to key US inflation and retail sales reports this week. Stocks remain near records on enthusiasm about artificial intelligence advances that has offset concerns about higher oil prices. But the Iran war remains a point of worry. “We’re in the eighth week of elevated energy prices, and the longer that lasts, the greater a chance that cuts economic activity,” said Art Hogan of B. Riley Wealth Management.
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