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US stocks ended Monday’s session little changed as investors kicked off a big week that will see a fresh inflation data test for rate-cut views and the start of first quarter earnings season.
The Dow Jones Industrial Average (^DJI), the S&P 500 (^GSPC), and the tech-heavy Nasdaq Composite (^IXIC) all closed near the flatline.
A strong jobs report helped lift stocks on Friday but couldn’t fend off weekly losses as doubts about the Federal Reserve’s resolve for interest rate cuts preyed on minds.
The yield on the 10-year Treasury (^TNX) stood at 4.42% following a bond sell-off last week. While the benchmark has pared gains, it is still within reach of the key 4.5% level seen by some as a potential tipping point for a run-up toward last year’s highs.
Other concerns added to the unsettled mood: divided views on policy from Fed speakers, growing noise around the coming US presidential election, and a spike in oil prices from escalating Middle East tensions that could fan inflation pressures.
All that is sharpening focus on the release of the Consumer Price Index on Wednesday, a key input in the Fed’s decision making and a clue to continuing resilience in the US economy. Investors will watch for signs that inflation returned to its downward trend in March after signs of stickiness in readings earlier this year.
At the same time, the market is bracing for the new earnings season, with Delta Air Lines (DAL) setting the stage on Wednesday for big banks’ results on Friday. Broadly, Wall Street expects the first quarter to set the tone for a robust year of earnings growth among S&P 500 companies, hopes boosted by the blowout March labor figures.
Against that backdrop, gold rose above $2,350 an ounce to touch a fresh record. Meanwhile, oil reached for recent multi-month highs as the market assessed easing tensions in the Middle East. Brent crude futures (BZ=F) settled at $90.48 a barrel, while West Texas Intermediate futures (CL=F) closed the session at $86.43.
S&P 500 (^GSPC)
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