LONDON (ShareCast) - Wall Street has started the week sharply lower as investors take profits ahead of fresh data due over the next few days.
Wholesale inventories for April are out Tuesday followed by the Federal Reserve's 'beige book',
set for publication a day later.
Reports on the trade deficit and oil supplies are also due midweek, with retail sales up on Thursday and news on import and export prices for May out Friday.
The market also awaits details of fundraising plans from the 10 banks that failed the US government's recent "stress test" Monday. Big names such as Bank of America (NYSE: IKJ - news) (BoA) and Morgan Stanley (NYSE: MS - news) have already done enough.
JP Morgan, over 2% higher, is joined in positive territory by peer BoA, but Du Pont leads the blue chip Dow lower, falling 4%, while aluminium giant Alcoa (NYSE: AA - news) is 3% lighter.
Across the markets, the Dow Jones (news) has fallen 73 points to 8,689, the tech-laden Nasdaq Composite (NASDAQ: news) is off 21 at 1,827, while the broader S&P 500 is down 7 at 932.
Fast food titan McDonald's is in poor health after warning that second quarter profits may drop 8 cents to just 9 cents a share if foreign exchange rates stay where they are.
Automaker Chrysler (Xetra: 710000 - news) is expected to exit bankruptcy Monday afternoon unless the courts intervene and delay the sale of its assets to Fiat (Milan: F.MI - news) .
The banks that were told to raise additional funds as part of the government's "stress tests" must submit detailed plans of how they can do that today.
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