Wall Street stocks dropped, putting the week’s gains in jeopardy ahead of critical job, consumer confidence, and business mood surveys.

Following a long period of decline in 2022, major indices suddenly rose sharply last week, owing in part to bargain hunting.

But early in Tuesday’s session, the first following a holiday weekend, stocks were on their back foot once again following data showing record eurozone inflation in the wake of the Ukraine war.

“Coming off the extended Memorial Day weekend, the stock market is in a ‘Now what’ frame of mind. What comes next?” said Briefing.com analyst Patrick O’Hare.

“Will it be more chasing action or will the market revert to its 2022 form of quickly selling into strength?”

Read More: Eurozone stocks sink as inflation accelerates to record high

About 20 minutes into trading, the Dow Jones Industrial Average had lost 1.2 percent to 32,808.31.

The broad-based S&P 500 fell 1.1 percent to 4,114.3, while the tech-rich Nasdaq Composite Index declined 1.0 percent to 12,006.5.

Despite the fact that some industrial sectors were in the red, energy producers ExxonMobil, ConocoPhillips, and Devon Energy all saw their stock prices rise when the European Union agreed to restrict most Russian crude imports.

Consumer confidence statistics, as well as the May government jobs report, are on the economic docket this week.

Read More: US stocks climb ahead of Fed minutes

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