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U.S. Stock Market Trades Tentatively Amid Lack of Clear Leadership
TOPICS
Investors began the week with a cautious approach, turning their attention to the highly anticipated upcoming inflation report, which is believed to possibly indicate the start of cuts to interest rates. The sentiment led to a mixed performance in US stocks; the S&P 500 saw a slight decrease (-0.02%), while the Dow Jones broke its 8-day winning streak by dropping 81 points (-0.21%). Conversely, the Nasdaq experienced a slight increase of 0.29%.
Adding to the mix, recent figures from the NY Fed revealed that consumer expectations for inflation had risen in the past month. As the market waits, there is keen interest in the forthcoming Producer Price Index (PPI), Consumer Price Index (CPI), and retail sales data, along with remarks from several Federal Reserve officials, notably Chair Powell.
In corporate news, Apple’s (AAPL.US) stock climbed by 1.76% following reports that the company is close to sealing a deal with OpenAI to bring ChatGPT onto the iPhone. Meanwhile, GameStop’s (GME.US) shares soared by an impressive 74.40%, this came after adjusting from an initial jump of over 110%, sparked by a post from the social media personality ‘Roaring Kitty’ on X. Similarly, AMC’s (AMC.US) stock also ended the day 78.35% higher, having surged by as much as 100% at one point during trading.
(S&P500 Index Monthly Chart)
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