Stocks open lower as investors await inflation data
U.S. stocks opened lower on Monday, as investors awaited the release of key inflation data.
The Dow Jones Industrial Average fell 0.2%, the S&P 500 fell 0.3%, and the Nasdaq Composite fell 0.4%.
Investors are looking for more clarity on the outlook for inflation, which is a key driver of interest rates.
The Labor Department is scheduled to release the Consumer Price Index (CPI) for June on Wednesday. Economists are expecting the CPI to rise 8.6% year-over-year, which would be the highest level in 40 years.
Other economic data due out this week includes retail sales, industrial production, and housing starts.
Investors will also be watching for any news on the war in Ukraine and the potential for further sanctions against Russia.
Overall, the mood in the markets is cautious ahead of the release of key economic data. Investors are looking for more clarity on the outlook for inflation and the global economy before making any major moves.
Here are some of the other top stories from the day:
Guaranty Bancshares, Inc. (GNTY) reported earnings of $0.35 per share, beating analyst expectations of $0.30 per share. Revenue for the quarter was $104.3 million, up 10.4% year-over-year.
FirstBank (FBK) reported earnings of $0.50 per share, beating analyst expectations of $0.46 per share. Revenue for the quarter was $144.4 million, up 12.5% year-over-year.
Community First Bancshares, Inc. (CFB) reported earnings of $0.43 per share, beating analyst expectations of $0.40 per share. Revenue for the quarter was $73.7 million, up 10.3% year-over-year.
Easterly Government Properties, Inc. (ELS) reported earnings of $1.12 per share, beating analyst expectations of $1.05 per share. Revenue for the quarter was $125.9 million, up 5.7% year-over-year.
Hilltop Holdings Inc. (HBCP) reported earnings of $0.83 per share, beating analyst expectations of $0.76 per share. Revenue for the quarter was $479.6 million, up 17.1% year-over-year.
What's next?
Investors will be looking for the release of the CPI data on Wednesday.
Other economic data due out this week includes retail sales, industrial production, and housing starts.
Investors will also be watching for any news on the war in Ukraine and the potential for further sanctions against Russia.
Overall, the stock market is likely to remain volatile in the near term as investors continue to assess the outlook for inflation and the global economy. Investors will be looking for more clarity on these issues before making any major moves.
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