The first trading day of the week begins with a decline on Wall Street.
This is what it looks like for the leading indices at the open on Monday:
- Dow Jones rose 0.04 percent
- The Nasdaq Composite Index fell by 0.44 percent
- S & P 500 fell 0.18 percent
waiting for a contraction
JPMorgan estimates there is a 40 percent chance that the market will reverse before the positive trend earlier this year picks up again. This is higher than the 35 percent chance.
– That’s still the point. The question is whether the past week was a step back, the bank writes, according to CNBC.
The Nasdaq and Standard & Poor’s 500 indexes fell last week by 0.3 percent and 1.9 percent, respectively. The Nasdaq fell for the second week in a row.
Among other things, JPMorgan highlights weaker macroeconomic numbers, tighter monetary policy, and weaker wage expectations.
More numbers to come
This week, the market is expected to feature earnings numbers, which come from, among others, Home Depot, Target and Walmart, according to CNBC.
The results follow inflation figures released last week which showed a 3.2 percent increase in prices. Although there was a smaller increase than in June, it was the first price increase in twelve months.
The new head of PayPal
PayPal announced Monday that Alex Chriss will take over as its new CEO. Chris comes from Intuit and replaces Dan Shulman.
PayPal shares were up 0.88 percent when the market opened on Monday.
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