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Stock Market Today: Investors Prepare for New Inflation Data This Week
- Stocks were mixed Monday. Nvidia stock continued to fall after a big rally last week.
- With earnings season over, it's a quiet week on a macroeconomic level for investors.
- The most important data released this week is the Fed's preferred PCE inflation gauge on Friday.
U.S. stocks traded mixed on Monday as investors prepare for a new round of inflation data later in the week.
The Dow Jones Industrial Average traded higher, while the S&P 500 and Nasdaq 100 were slightly lower, due to a continued pause in AI trading, with Nvidia shares down about 2% to $123.88.
“Some profit-taking seems entirely reasonable given NVIDIA's meteoric rise. The stock is up more than 180% this year alone. But if it continues to lose ground, then there is a risk of contagion, with sales spreading to other big tech names If that happens, “If it did, then the market could experience a deeper and more prolonged downturn,” said analyst David Morrison. Trade Nation's main marketplace.
With earnings season over, investors will turn their attention to the PCE inflation data to be released on Friday, which happens to be the Federal Reserve's preferred inflation gauge.
Economists expect year-over-year Core PCE to be 2.6% in May, up from 2.7% in April.
Investors will also keep an eye on early data on jobless claims, pending home sales and a second revision of first-quarter GDP, all of which should help determine the true strength of the U.S. economy.
All of this data will help investors know when the Fed might launch its first interest rate cut of the cycle, with markets expecting the first rate cut to take place in September.
Here's where the US indexes stood shortly after the 9:30 a.m. opening bell on Monday:
Here's what else is happening today:
In commodities, bonds and cryptocurrencies:
- West Texas Intermediate crude oil fell 0.46% to $80.36 a barrel. Brent crude, the international benchmark, fell 0.45% to $84.86 per barrel.
- Gold edged up 0.36% to $2,339.60 an ounce.
- The 10-year Treasury yield remained stable at 4.25%.
- Bitcoin fell 3.10% to $61,220.
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