US open: Stocks lower as S&P 500 comes off third-straight winning week

dl wall street new york city wall st nyc new york stock exchange nyse nasdaq us usa united states of america trading finance unsplash — Sharecast / Roberto Junior via Unsplash

Major indices were in the red at the opening bell on Monday as the S&P 500 comes off its third consecutive winning week.

As of 1600 GMT, the Dow Jones Industrial Average was down 0.20% at 44,551.01, while the S&P 500 lost 0.43% to 6,064.03 and the Nasdaq Composite came out the gate 0.49% weaker at 19,762.44.

The Dow opened 91.51 points lower on Monday, extending losses recorded in the previous session on the back of a November jobs report that pointed to stronger-than-expected growth last month.

While last month's non-farm payrolls report revealed payrolls had risen by 227,000, a significant increase from October's upwardly revised print of 36,000, it failed to hurt expectations of a 25-basis point interest rate cut from the Federal Reserve when it next convenes on 17 and 18 December.

Later in the week, investors will pay strict attention to November's consumer price index on Wednesday, as well as Thursday's producer price index, as traders hope to gain further insight into the Federal Reserve's thinking going into its two-day policy meeting next week.

On Monday's macro slate, wholesale inventories rose 0.2% month-on-month to $905.0bn in October, according to the Census Bureau, in line with preliminary estimates. Non-durables stocks increased by 0.3%, while durable inventories ticked up 0.1%.

In the corporate space, Nvidia shares were lower in early trading after China announced that it had launched an investigation in to the AI darling for potential violations of the country's anti-monopoly laws.

No major earnings were slated for release on Monday.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Walgreens Boots Alliance, Inc. (WBA) $9.02 5.37%
Amgen Inc. (AMGN) $277.91 1.96%
Apple Inc. (AAPL) $245.48 1.09%
Intel Corp. (INTC) $21.04 0.57%
Microsoft Corp. (MSFT) $444.64 0.24%
Johnson & Johnson (JNJ) $149.31 0.00%
Chevron Corp. (CVX) $155.24 0.00%
Nike Inc. (NKE) $78.89 0.00%
Salesforce.Com Inc. (CRM) $361.99 0.00%
Travelers Company Inc. (TRV) $261.38 0.00%