US open: Stocks drift lower at the start of the week

25th Mar 2024 14:16

(Sharecast News) - US stocks were again easing back on Monday after the record highs reached during the prior week.

By 1501 GMT, the Dow Jones Industrials was dipping 0.31% to 39,352.04, alongside a 0.16% decline for the S&P 500 to 5,226.06.

Front dated gold futures meanwhile were up by 0.94% to $2,180.0/oz and the yield on the benchmark 10-year U.S. Treasury note five basis points higher to 4.255%.

West Texas Intermediate crude oil futures were climbing 2.12% to $82.34 a barrel on the NYMEX.

On the economic front, new home sales were reported down by 0.3% on the month in February to reach 662,000 (consensus: 680,000).

For his part, Atlanta Fed boss, Raphael Bostic, reportedly reiterated his stance that the central bank would only cut rates once in 2024.

His opposite number at the Chicago Fed, Austan Goolsbee, continued to signal that three hikes were likely.

Chip makers AMD and Intel were under pressure early on after the Financial Times reported that the Chinese government was introducing rules to phase out the use of microprocessors made by the two companies from federal IT systems.

Beijing also wanted to use domestic options to replace Microsoft's Windows OS, the FT said.

In other corporate news, Apple, Meta and Alphabet were hitting headlines ahead of the opening bell on the back of concerns that they would be fined by European regulators due to uncompetitive practices.

Boeing was 1% higher after the jet-maker announced that its chairman, chief executive officer, and commercial airlines head would all be stepping down.

Dow Jones - Risers

Walt Disney Co. (DIS) $118.29 2.08%

Walgreens Boots Alliance, Inc. (WBA) $20.83 1.24%

Chevron Corp. (CVX) $156.54 1.22%

Merck & Co. Inc. (MRK) $125.07 0.99%

Verizon Communications Inc. (VZ) $40.72 0.87%

Boeing Co. (BA) $190.40 0.82%

Travelers Company Inc. (TRV) $225.91 0.65%

Amgen Inc. (AMGN) $277.21 0.38%

American Express Co. (AXP) $226.67 0.31%

Goldman Sachs Group Inc. (GS) $407.42 0.15%

Dow Jones - Fallers

Intel Corp. (INTC) $41.88 -1.62%

McDonald's Corp. (MCD) $278.24 -1.55%

Salesforce.Com Inc. (CRM) $304.32 -1.12%

Apple Inc. (AAPL) $170.54 -1.01%

Visa Inc. (V) $280.80 -0.87%

Microsoft Corp. (MSFT) $425.05 -0.86%

International Business Machines Corporation (CDI) (IBM) $189.30 -0.81%

Cisco Systems Inc. (CSCO) $49.38 -0.80%

Procter & Gamble Co. (PG) $160.54 -0.70%

Home Depot Inc. (HD) $387.65 -0.67%

S&P 500 - Risers

Micron Technology Inc. (MU) $117.79 6.88%

Foot Locker Inc. (FL) $25.94 6.36%

Hanesbrands Inc. (HBI) $5.31 3.71%

Cincinnati Financial Corp. (CINF) $121.01 3.06%

Eastman Chemical Co. (EMN) $98.15 3.03%

Whirlpool Corp. (WHR) $114.17 3.01%

Target Corp. (TGT) $173.50 2.89%

Apache Corp. (APA) $34.40 2.79%

Kohls Corp. (KSS) $26.94 2.16%

VF Corp. (VFC) $14.39 2.13%

S&P 500 - Fallers

Take-Two Interactive Software Inc. (TTWO) $143.30 -6.00%

United Airlines Holdings Inc (UAL) $44.16 -4.97%

Illumina Inc. (ILMN) $134.08 -2.30%

FedEx Corp. (FDX) $278.46 -2.06%

Danaher Corp. (DHR) $249.74 -1.99%

Accenture Plc (ACN) $331.06 -1.91%

Agilent Technologies Inc. (A) $144.67 -1.89%

Synopsys Inc. (SNPS) $583.33 -1.83%

Cadence Design Systems Inc. (CDNS) $317.05 -1.76%

O'Reilly Automotive Inc. (ORLY) $1,148.07 -1.67%

Nasdaq 100 - Risers

Micron Technology Inc. (MU) $117.79 6.88%

JD.com, Inc. (JD) $26.98 1.79%

Nvidia Corp. (NVDA) $959.21 1.73%

Adobe Systems Inc. (ADBE) $506.49 1.40%

Walgreens Boots Alliance, Inc. (WBA) $20.83 1.24%

Paypal Holdings Inc (PYPL) $65.49 1.10%

Western Digital Corp. (WDC) $64.62 1.06%

Liberty Global plc Series C (LBTYK) $17.57 1.01%

Hasbro Inc (HAS) $55.38 0.98%

Asml Holdings N.V. (ASML) $989.59 0.98%

Nasdaq 100 - Fallers

Take-Two Interactive Software Inc. (TTWO) $143.30 -6.00%

NetEase Inc. Ads (NTES) $103.03 -2.36%

Illumina Inc. (ILMN) $134.08 -2.30%

Mercadolibre Inc. (MELI) $1,542.31 -1.89%

Synopsys Inc. (SNPS) $583.33 -1.83%

Cadence Design Systems Inc. (CDNS) $317.05 -1.76%

O'Reilly Automotive Inc. (ORLY) $1,148.07 -1.67%

Intel Corp. (INTC) $41.88 -1.62%

Fastenal Co. (FAST) $76.94 -1.49%

Paychex Inc. (PAYX) $119.18 -1.37%