Major Wall Street guides opened lower on Monday, with tech shares hit particularly hard as investors waited for the March report on US expansion amid expectations for offensive Federal Reserve action.

Twitter bucked the trend as its stock rates rise after controversial Tesla chief Elon Musk announced he would not connect with the Twitter board after becoming the social media company’s biggest and individual shareholder.

The government is set to release the consumer price index reading for March on Tuesday after inflation rose 7.9 percent over the 12 months to February, a multi-decade high.

Accelerating prices have prompted a series of Federal Reserve officials to signal plans to increase interest prices quickly to tamp down inflation fears.

Positive vibes on stock markets “may be getting stymied by looming March inflation reports, set to begin tomorrow, which will come amid elevated expectations the Fed is set to get aggressive with its monetary policy tightening campaign,” analysts at Charles Schwab investment bank said.

And “the ongoing war in Ukraine remains a source of skittishness.”

About 35 minutes into the first trading day of a holiday-shortened week, the Dow Jones Industrial Average was down 0.2 percent to 34,662.20, and the broad-based S&P 500 had fallen 0.8 percent to 4,454.21.

The tech-rich Nasdaq Composite Index slid 1.1 percent to 13,564.48.

Twitter shares jumped 2.2 percent, but on the other hand, main and famous names lost ground, that includes Facebook-parent Meta and Google-parent Alphabet, and both of them lost around one percent.

Investors this week also will be observing the beginning of the first-quarter earnings mature, with statements from JPMorgan Chase, Wells Fargo, and other big named banks.