US: Stocks in wait-and-see mode ahead of inflation data
RESULTS on Wall Street were mixed on Monday, with markets in a wait-and-see mode ahead of the release of US inflation data this week.
The Dow Jones Industrial Average fell 0.4 per cent to 39,357.01, while the broad-based S&P 500 was flat at 5,344.39.
The tech-rich Nasdaq Composite Index gained 0.2 per cent to 16,780.61.
“This is another one of these watch-and-wait days,” said Steve Sosnick of Interactive Brokers.
“The volume is not very high,” he added, while noting the week ahead would be “busy.”
In particular, investors are eyeing a report on the consumer price index - a key inflation gauge - due out on Wednesday.
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This “should have some effect on how we view the battle against inflation,” Sosnick added.
The Federal Reserve is widely expected to start lowering interest rates at its meeting in September, although a weaker than expected labor market report at the start of this month fanned fears surrounding the US economy’s health.
Markets are monitoring to see if inflation is cooling at a gradual pace - signaling the world’s biggest economy is indeed achieving a “soft landing” where price increases ease without a downturn.
Among individual companies, AI chip manufacturer Nvidia’s shares advanced 4.1 per cent. AFP
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