News – USA – Wall Street is pulling back amid inflation fears


NEW YORK: US stocks started the week in the red and pulled back early Monday as lingering inflation fears overwhelmed the good news of the economic recovery

However, analysts said the concerns, including Boeing’s recent setback, are a good excuse for investors to profit from soaring stocks
On the upside, US Congress approves a huge $ 9 trillion stimulus package, however, Treasury markets reflect fears that lending rates could rise earlier than expected despite repeated assurances from the Federal Reserve

“The reluctance to face a rising interest rate environment seems to counteract the bullish background of an extremely accommodative global monetary and fiscal policy,” said the analysts from Schwab

About 30 minutes into trading, the Dow Jones Industrial Average was down 0.3 percent to 3138796

The broad-based S&P 500 fell about 05 percent to 388834, while the tech-rich Nasdaq Composite Index was the big loser, losing 1.0 percent to 1373406

Markets will watch Fed Chairman Jerome Powell’s two days in Congress on Tuesday and Wednesday, where he will likely reiterate his oft-voiced message that the central bank has no plans to raise interest rates until employment recovers has and inflation starts to rise

Boeing dropped 1.1 percent after an engine failure on one of its 777 aircraft forced an emergency landing on a flight out of Denver and resulted in the landing of 128 aircraft with the same Pratt & Whitney engine

Wall Street, Stock, Dow Jones Industrial Average, S&P 500

News – US – Wall Street is pulling back amid inflation fears
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