Stock market today: Dow ends 8-day win streak as market braces for inflation data
Monday's mixed trading day saw shares of GameStop and AMC Entertainment deliver intra-day gains of more than 100% following the return of Keith Gill.
Lucas Jackson/Reuters
- US stocks were mixed on Monday, with the Nasdaq higher while the Dow ended its 8-day win streak.
- Investors are bracing for the release of two inflation data points this week: PPI and CPI.
- The inflation data will help inform investors when the Fed might cut interest rates.
US stocks were mixed on Monday, with the Nasdaq 100 higher while the Dow declined slightly, ending its 8-day win streak.
Not even a short-squeeze in meme stocks could help propel the Dow Jones Industrial Average to a ninth straight day of gains.
The mixed trading occurred on a rather busy day for markets, with shares of GameStop and AMC Entertainment roaring back with intra-day gains of more than 100% after Keith Gill returned to social media.
Meanwhile, investors are bracing for a busy week of economic updates, with a slew of economic data points set to be released in the coming days.
On the inflation front, the producer price index and the consumer price index will be released on Tuesday and Wednesday, respectively. The inflation data will help investors determine when the Federal Reserve might cut interest rates.
Investors expect Core PPI to rise 0.2% in April, compared to the 0.2% gains in March. And for Core CPI, investors expect the index to rise 0.3% in April, compared to the 0.4% gain in March.
Fed Chairman Jerome Powell will speak on Tuesday, and April retail sales data will be released Wednesday, both of which could move markets.
Here's where US indexes stood at the 4:00 p.m. closing bell on Monday:
- S&P 500: 5,221.42, down 0.02%
- Dow Jones Industrial Average: 39,431.51 down 0.21% (-81.33 points)
- Nasdaq composite: 16,388.24, up 0.29%
Here's what else is going on today:
- From a 65% stock market crash to an imminent recession, here's a roundup of all the bearish forecasts on Wall Street.
- It's not just Wall Street pros that expect a stock market crash. Meet the retail doomsayers waiting for the economy to crumble.
- The return of Roaring Kitty on social media has led to GameStop stock soaring more than 50% in Monday morning trades.
- A flood of crypto meme tokens hit the market after Keith Gill's return to social media, with some printing 1,000%+ gains.
- Tesla stock will plunge 70% after its robotaxi and AI ambitions fall flat, according to "Big Short" investor Danny Moses.
In commodities, bonds, and crypto:
- West Texas Intermediate crude oil jumped 1.20% to $79.20 a barrel. Brent crude, the international benchmark, rose 0.81% to $83.46 a barrel.
- Gold edged lower by 1.32% to $2,343.70 per ounce.
- The 10-year Treasury yield fell 1 basis points to 4.49%.
- Bitcoin jumped 2.66% to $63,092.