US Stocks Edge Lower Amid Rate Hike Worries and Key Inflation Data
The US stock market ended Monday in a state of mild decline as investors braced for key inflation data due this week. The S&P 500 fell 0.1%, while the Nasdaq 100 slipped 0.3% and the Dow Jones Industrial Average dropped 0.1%. Intel's stock sank 4%, weighing on the Nasdaq, after announcing a $15 billion common stock offering.
The rise in oil prices stoked rate hike worries, with U.S. West Texas Intermediate crude futures up 5.1% at $82.13 per barrel and international benchmark Brent crude futures settling up 5% at $87.72. The Consumer Price Index (CPI) is scheduled to be released on Wednesday, with a median projection of a 0.1% increase in July.
The VanEck Semiconductor ETF (SMH) dropped 2%, mainly due to Intel's weakness, while Nvidia and Apple also contributed to declines. The broader Vanguard Information Technology ETF (VGT) slipped 0.6%. Palantir Technologies (PLTR) was also a focal point after investor Michael Burry doubled down on his high-stakes bet against the company.