US stocks trade mixed as investors prepare for busy week of economic data, earnings
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- US stocks traded mixed on Monday as investors prepare for a slew of economic data this week.
- The June CPI report will be released on Wednesday as investors seek to understand the latest trends in inflation.
- Corporate earnings season is set to kick off at the end of the week with reports from big banks.
US stocks were mixed on Monday as investors prepare for a slew of economic data this week that should give them some insight into the health of the broader economy.
The June consumer price index report will be released on Wednesday at 8:30 am ET, with investors hoping to see a continued deceleration in the inflation rate. Wall Street consensus expects the Core CPI month-over-month figure to be 0.3%, which would be the lowest reading since September 2021.
Other data scheduled to be released this week includes the Atlanta Fed Wage Tracker report for the month of June and the Manheim Used Vehicle Index, both of which help measure inflation.
Finally, second-quarter earnings season is set to kick off on Friday as big banks like JPMorgan and Wells Fargo report their results. This will offer investors insight into the current state of the consumer and economy.
Here's where US indexes stood shortly after the 9:30 a.m. ET opening bell on Monday:
- S&P 500: 4,404.65, up 0.13%
- Dow Jones Industrial Average: 33,825.70, up 0.27% (90.82 points)
- Nasdaq Composite: 13,657.09, down 0.03%
Here's what else is happening this morning:
- Argentina's only way out of its deepening debt trap is adopting the dollar as its currency, top economist Steve Hanke said.
- Baby boomers own more than $75 trillion in wealth across real estate, stocks, and cash. Here's how their wealth compares to millennials and Generation X.
- Home prices are poised to tumble, while bitcoin could surge by two-thirds to $50,000 in less than six months, the president of a cryptocurrency-investment firm says.
In commodities, bonds and crypto:
- West Texas Intermediate crude oil fell 0.87% to $73.22 per barrel. Brent crude, oil's international benchmark, dropped 0.82% to $77.83.
- Gold fell 0.39% to $1,925.80 per ounce.
- The yield on the 10-year Treasury fell 2 basis points to 4.04%.
- Bitcoin rose 0.14% to $30,212, while ether jumped 0.11% to $1,865.