US stocks trim early gains, Nasdaq outperforms

Major US equity indices opened with strong gains on Monday, with tech-heavy Nasdaq rallying to fresh intraday record highs during the opening hour of trade. 

Investors continued to cheer last week’s jobs data, which showed 313,000 jobs were created in February but lack of wage pressure now eased worries over the pace, and intensity, of the Fed rate hikes in 2018, seen as an ideal environment for investing in stocks. 

Early gains, however, remained tepid as investors now look forward to the incoming data for some fresh clues over the Fed's interest rate trajectory. Hence, the focus would be on the latest consumer inflation figures, due Tuesday, which along with Wednesday's monthly retail sales should drive enthusiasm for stocks.

The blue-chip Dow Jones Industrial Average index has now drifted into negative territory, while the broader S&P 500 Index held on to gains of around 3-points to 2,790. Meanwhile, Nasdaq Composite Index maintained its relative outperformance and climbed nearly 30-points to 7,590.