Stocks open broadly lower as Wall Street's momentum slows

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Stocks are opening little connected Wall Street Monday arsenic the market’s momentum slows pursuing its champion week since July. The S&P 500 scale fell 0.5% successful the archetypal fewer minutes of trading and the Dow Jones Industrial Average gave backmost 0.6%. Technology and wellness attraction companies were starring the mode lower, portion vigor companies bucked the downward inclination and moved higher. Benchmark U.S. crude lipid was up 1.5% to $83.50 a barrel. It has soared much than 70% truthful acold this year. The output connected the 10-year Treasury enactment roseate to 1.61%. European markets were little and Asian markets closed mixed.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier communicative follows below.

World shares were mostly little connected Monday aft China reported its system grew astatine a meager 4.9% yearly gait successful July-September.

Germany's DAX declined 0.5% to 15,506.11 and the CAC 40 successful Paris gave up 0.8% to 6,676.21. Britain's FTSE 100 mislaid 0.2% to 7,216.79.

The aboriginal for the Dow industrials was 0.2% little portion the aboriginal for the S&P 500 mislaid 0.3%.

The Shanghai Composite scale inched 0.1% little to 3,568.14, portion the Hang Seng successful Hong Kong recovered from earlier losses, gaining 0.3% to 25,409.75.

Chinese maturation is nether unit arsenic the authorities seeks to bounds vigor usage and trim fiscal risks from reliance connected debt-fueled spot developments. Shortages of machine chips and different components owed to the pandemic are hurting manufacturing.

The 4.9% yearly gait of maturation was somewhat beneath forecasts and compared with a 7.9% enlargement successful the April-June quarter, which was exaggerated by the downturn successful 2020.

“The maturation outlook has weakened owed to the assorted headwinds," Tommy Wu and Louis Kuijs of Oxford Economics said successful a report. They forecast that maturation would “slow significantly" successful the existent quarter.

New Zealand's benchmark edged 0.1% little aft figures showed prices jumped 4.9% successful July-September from a twelvemonth earlier. It was the fastest gait of ostentation since aboriginal 2011.

The figures adhd to unit connected New Zealand’s cardinal slope to support hiking rates aft it raised the benchmark complaint earlier this period for the archetypal clip successful 7 years by a 4th constituent to 0.5%.

Investors stay uneasy that terms increases successful galore countries could pb to “stagflation,” oregon a stagnating system coupled with precocious inflation.

Other determination shares besides fell. Tokyo's Nikkei 225 scale gave up 0.2% to 29,025.46. In Seoul, the Kospi mislaid 0.3% to 3,006.68.

The S&P/ASX 200 successful Sydney roseate 0.3% to 7,381.10. India's benchmark roseate 0.9% to 61,879.24.

On Friday, Wall Street added to its caller gains, with the benchmark S&P 500 posting its champion week since July.

The S&P 500 roseate 0.7%, portion the Dow Jones Industrial Average roseate 1.1% and the Nasdaq composite gained 0.5%.

Positive institution net dovetailed with a study showing radical spent overmuch much astatine U.S. retailers successful September than analysts had expected.

The S&P 500 is backmost wrong 1.5% of its all-time precocious aft a shaky fewer weeks arsenic worries astir stubbornly precocious inflation, reduced enactment for markets from the Federal Reserve and a slowing system knocked banal prices around.

Early indicators from net reports person been encouraging, with companies showing stronger profits than expected. That's important aft climbing involvement rates raised worries that banal prices had grown excessively costly comparative to profits.

Treasury yields roseate pursuing the overmuch stronger-than-expected study connected retail sales. The output connected the 10-year enactment climbed to 1.60% aboriginal Monday from 1.57% precocious Friday.

The terms of benchmark U.S. lipid roseate 90 cents to $83.18 per tube successful physics trading connected the New York Mercantile Exchange. It surged 1.2% to $82.28 per tube connected Friday, continuing a almighty tally that has sent it up much than 70% this twelvemonth and fanned worries astir precocious inflation.

Brent, the planetary benchmark for crude, climbed precocious 59 cents to $85.45 per barrel. It jumped 1% connected Friday, though the terms of U.S. earthy state fell 4.9%.

The U.S. dollar roseate to 114.32 Japanese yen from 114.22 yen precocious Friday. The euro fell to $1.1584 from $1.1602.

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AP Business Writer Joe McDonald successful Beijing and Associated Press writer Nick Perry successful Wellington contributed.

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