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Wall Street Today | S&P 500, Dow Inch Up as Markets Await More Inflation Data

Moomoo Recap US wrote a column · Apr 5 16:10
Wall Street Today | S&P 500, Dow Inch Up as Markets Await More Inflation Data
Stocks ended essentially flat Monday as markets awaited inflation data due out later this week to get a better gauge on where the Federal Reserve might be heading on interest rates.
The $Dow Jones Industrial Average(.DJI.US)$ shed 11.24 points (0.03%) to end at 38,892.8, while the $S&P 500 Index(.SPX.US)$ gave up 1.95 ticks (0.04%) to a 5,202.39 finish. However, the $Nasdaq Composite Index(.IXIC.US)$ added 5.43 points (0.03%) to 16,253.95.
Markets are apparently waiting for the March Consumer Price Index due out Wednesday before the bell to see where inflation is heading. The U.S. government will also release the March Produce Price Index – which measures wholesale inflation – on Thursday.
Meanwhile, the Fed’s policy-setting Federal Open Market Committee will unveil minutes Wednesday from its March meeting.
Wall Street is trying to gauge how many times the Fed will cut its benchmark Federal Funds interest rate this year – if any. Expectations of aggressive cuts in borrowing costs are waning amid continued strength in the economy that could slow the progress of toward cooling inflation to policymakers' 2% target.
The market is now pricing a 51.3% chance that the Fed will start cutting in June, down from 56.8% a week ago, according to the CME FedWatch tool.
Crude oil closed the day lower Monday after Israel cut its troops in southern Gaza and began a fresh round of ceasefire talks with Hamas, easing concerns of disruption to supply from the Middle East.
Wall Street Today | S&P 500, Dow Inch Up as Markets Await More Inflation Data
$Tesla(TSLA.US)$ rose 4.9% to $172.98 after CEO Elon Musk revealed that the company plans to release its long-anticipated robo-taxi in a few months.
Conversely, $Trump Media & Technology(DJT.US)$ sank 8.4% to $37.17 as the former president’s media company continued to swing wildly following its recent go-public merger with a special purpose acquisition company.
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