Wall Street opens lower on Veterans Day ahead of key events
- Energy shares push lower amid falling crude oil prices.
- Defensive sectors post small gains ahead of key speeches.
Wall Street's main indexes started the day lower on Monday after closing the previous week in the positive territory as investors are repositioning themselves ahead of this week's key events. As of writing, the Dow Jones Industrial Average and the S&P 500 were both losing 0.45% on the day while the Nasdaq Composite was erasing 0.6%.
On Tuesday, US President Donald Trump will be speaking at a luncheon hosted by the Economic Club of New York and investors will be looking for fresh remarks on the US-China trade dispute. Later in the week, on Wednesday and Thursday, Federal Open Market Committee Chairman Jerome Powell will be testifying before the Joint Economic Committee of the United States Congress.
Among the 11major S&P 500 sectors, the Energy Index is down more than 1% pressured by falling crude oil prices. On the other hand, defensive sectors, Real Estate, Consumer Staples, Utilities are posting small gains.
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
