Benchmark US equity indexes experienced a decline ahead of Monday's closing as market participants evaluated an inflation survey while anticipating official price growth data for November to be released later in the week. The Nasdaq Composite fell by 0.7%, settling at 19,720.4 points, while the S&P 500 decreased by 0.6%, reaching 6,052 points.
The Dow Jones Industrial Average saw a 0.4% drop to 44,451.2 points. Among various sectors, communication services exhibited the most significant drop, whereas the health care sector emerged as the top gainer. In November, inflation expectations among US consumers increased, coupled with a substantial improvement in optimism regarding financial situations for the upcoming year, as reported by a survey conducted by the Federal Reserve Bank of New York. Government data expected to be released on Wednesday is projected to indicate a 0.2% increase in US consumer inflation on a sequential basis and a 2.7% rise year-over-year from the previous month, based on consensus compiled by Bloomberg.
In October, the consumer price index in the US increased by 0.2% month-over-month and reported a 2.6% increase year-over-year. Additionally, the official report on producer prices for November is set to be released on Thursday. The yield on the US 10-year Treasury note rose by 4.4 basis points to 4.2%, while the two-year yield experienced a smaller increase of 3.1 basis points, reaching 4.13%. Several companies, including Oracle, MongoDB, Casey's General Stores, Toll Brothers, and C3.ai, are scheduled to announce their financial results following the closing bell. In commodities, West Texas Intermediate crude oil rose by 1.4%, reaching a price of $68.15 per barrel..