NEW YORK: Wall Street stocks were little changed early Tuesday as markets digest recent equity movements ahead of a heavy news period later this month.
Stocks in New York tumbled Monday after better-than-expected services sector data added to worries that the Federal Reserve might extend or bolster aggressive interest rate hikes designed to counter inflation.
Investors are looking ahead to an especially stacked period of economic news the week of December 12, when fresh consumer price data will be followed by a Fed decision and one from the European Central Bank.
Wall Street falls after strong service sector data
“We had a sell-off yesterday, markets are just kind of consolidating … just waiting,” said LBBW’s Karl Haeling, who likened the big-ticket events next week to the Super Bowl.
About 15 minutes into trading, the Dow Jones Industrial Average was up less than 0.1 percent at 33,961.09.
The broad-based S&P 500 dipped 0.1 percent to 3,993.32, while the tech-rich Nasdaq Composite Index dropped 0.4 percent to 11,195.84.
December is often a strong period for equities based on historical trends. But analysts have questioned whether the rally in equities from mid-October may dampen that tendency this year.
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