US stocks dip ahead of earnings, data deluge

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Democrats and Republicans in Washington are in the final two weeks of negotiations before the November 3 presidential election on new spending measures to boost the US economy after the coronavirus pandemic caused grievous damage earlier in the year.
Democrats and Republicans in Washington are in the final two weeks of negotiations before the November 3 presidential election on new spending measures to boost the US economy after the coronavirus pandemic caused grievous damage earlier in the year.
Bloomberg Creative

Wall Street stocks pulled back from records early Monday at the start of a heavy week of economic data and quarterly earnings results.

After ending at records Friday, both the Dow and S&P 500 retreated early Monday. Key data releases this week include retail sales and consumer prices for March, which follow last week's producer price data which shows early signs of inflation pressures.

The calendar also includes a trove of earnings from large banks and a handful of other companies. Optimism about earnings growth in the wake of massive US fiscal support has propelled stocks so far in 2021.

But Monday's early weakness suggests "underlying concerns that bullish sentiment is a bit too complacent," said Briefing.com analyst Patrick O'Hare.

About 15 minutes into trading, the Dow Jones Industrial Average was down 0.1% at 33 768.08.

The broad-based S&P 500 also fell 0.1% to 4 125.63, while the tech-rich Nasdaq Composite Index dropped 0.4% to 13 846.42.

Among individual companies, Nuance Communications surged 17% after it agreed to be acquired by Microsoft for $19.7 billion. The deal represents "the latest step in Microsoft's industry-specific cloud strategy," Microsoft said.

Shares of Microsoft slipped 0.3%.

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