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  3. US markets end in red on Monday

US markets end in red on Monday

10 Dec 2024 Evaluate

The US markets ended in red on Monday as traders looked ahead to the release of closely watched U.S. inflation data later in the week. Reports on consumer and producer price inflation, which are due to be released on Wednesday and Thursday, respectively, could impact the outlook for interest rates. While the Federal Reserve is widely expected to lower rates by another 25 basis points next week, there is some uncertainty about whether the central bank will continue cutting rates early next year. Further, a slump by shares of Nvidia (NVDA) weighed on the markets, with the AI darling tumbling by 2.6 percent on the day. The drop by Nvidia came amid news a Chinese regulator has launched an investigation into whether the chipmaker violated the country's antimonopoly laws.

On the economic data front, a report released by the Commerce Department on Monday showed a modest rebound by wholesale inventories in the U.S. in the month of October. The Commerce Department said wholesale inventories rose by 0.2 percent in October after slipping by 0.2 percent in September. The uptick matched street estimates. The modest increase by wholesale inventories came as inventories of durable goods crept up by 0.1 percent and inventories of non-durable goods climbed by 0.3 percent. Meanwhile, the report said wholesale sales edged down by 0.1 percent in October after rising by 0.5 percent in September. While sales of durable goods were unchanged compared to the previous month, sales of non-durable goods fell by 0.3 percent. Even with inventories rising and sales slipping, the inventories/sales ratio for merchant wholesalers for October was unchanged from September at 1.34.

Dow Jones Industrial Average fell 240.59 points or 0.54 percent to 44,401.93, Nasdaq dropped 123.08 points or 0.62 percent to 19,736.69 and S&P 500 was down by 37.42 points or 0.61 percent to 6,052.85.


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