(MENAFN- Baystreet.ca) Equities Drop by Noon Hour
Stocks fell on Monday as investors anticipate inflation data due out this week, while bank shares advanced.
The Dow Jones Industrials retreated 84.06 points to midday at 33,590.32.
The S&P 500 slipped 2.47 points to 4,133.78.
The NASDAQ Composite lost 10.73 points to 12,224.68.
Shares of PacWest outperformed, surging 28%, after the bank cut its dividend. Big banks Citigroup, Wells Fargo, JPMorgan Chase and Morgan Stanley also rose.
Elsewhere, shares of Disney rose more than 2.3% in early trading. The company is set to report quarterly results on Wednesday.
Investors are debating if the banking crisis has finally abated, according to some experts.
Meanwhile, Berkshire Hathaway Class A shares rose more than 1% after Warren Buffett's conglomerate reported its first-quarter results. The conglomerate showed operating earnings increase 12% in the first quarter, while its cash hoard topped $130 billion. Buffet personally discussed topics including the latest banking crisis that rocked Wall Street, at Berkshire Hathaway's annual meeting in Omaha, Nebraska.
Investor attention will turn to April's consumer price index due out Wednesday, followed by the producer price index on Thursday. Stocks are coming off a volatile week that saw the Dow Jones Industrial Average and S&P 500 notch their worst weekly stretches since March. The losses came despite a late-week rally that saw volatile regional bank stocks jump off their lows.
Prices for the 10-year Treasury sagged, raising yields to 3.49% from Friday's 3.44%. Treasury prices and yields move in opposite directions.
Oil prices leaped $1.66 to $73.00 U.S. a barrel.
Gold prices picked up $12.00 to $2,036.80 U.S. an ounce.
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