Economic data slated for this week is expected to show that the US stocks are moving higher.
The U.S. stocks were trading higher early Tuesday morning after slipping Monday and losing momentum after rallying last week on easing expectations for the path of the Federal Reserve'sFederal Reserve's interest rate increases.
The S&P 500 lost early gains and closed down 11.63 points, or 0.3%, at 3900.11. The Dow Jones Industrial Average lost 62.42 points, or 0.2%, to 31438.26, while the technology-focused Nasdaq Composite Index fell by 83.07 points, or 0.7%, to 11524.55.
Traders described Monday as a quiet day, with low volumes and investors in a holding pattern, with few moving around money. Weaker than expected U.S. economic data has caused investors to reassess their expectations for a tighter monetary policy from the Federal ReserveFederal Reserve.
The Fed's plans to raise rates and tame inflation have sparked volatility in global markets this year, and sent the S&P 500 into a bear market, or a 20% drop from a recent peak earlier this month.
Recent reports have indicated that the U.S. economy is beginning to cool off, and possibly inflation is beginning to come to an end. The latest evidence came Friday as the University of Michigan revised lower its June reading of inflation expectations over the next five to 10 years - to 3.1% from 3.3%.
Jun Rong Yeap, IG, said that the U.S. consumer confidence data is on the agenda in a week with few other major economic releases.
In Tokyo, Seoul and Sydney, benchmarks went up, but fell in Hong Kong and Shanghai. Tokyo's Nikkei 225 index gained 0.3% to 26,959. In Seoul, the Kospi rose 0.3% to 2,408, while the Kospi increased by 0.3%. Hong Kong's Hang Seng index lost 0.9% to 22,033. 62 and the Shanghai Composite index were nearly unchanged at 3,379. Shares fell in Taiwan and India but rose in Bangkok.