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U.S. stocks closed mixed on Monday but managed to maintain the momentum from last week’s rebound as investors braced for a spate of economic data, including the key inflation reading, to gauge the Federal Reserve’s monetary policy outlook. The S&P 500 closed almost flat, the Nasdaq ended in green, and the Dow closed in negative territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) declined 0.4% or 140.53 points, to end at 39,357.01 points.
The S&P 500 was barely changed gaining 0.23 points, to close at 5,344.39 points. Technology stocks were the biggest gainers, while communication services stocks were the worst performers.
The Communication Services Select Sector SPDR (XLC) fell 0.7%. The Technology Select Sector SPDR (XLK) gained 0.8%. Eight of the 11 sectors of the benchmark index ended in negative territory.
The tech-heavy Nasdaq climbed 0.2% or 35.31 points to finish at 16,780.61 points.
The fear-gauge CBOE Volatility Index (VIX) was up 1.67% to 20.71. Decliners outnumbered advancers on the NYSE by a 1.46-to-1 ratio. On the Nasdaq, a 1.54-to-1 ratio favored declining issues.
Investors Await Key Inflation Data
Wall Street closed the last week on a high after a dramatic rebound from the selloff earlier in the week. On Monday, investors held on to their nerves and maintained the momentum, with markets remaining little changed.
Investors are bracing up for a slew of economic data slated for release this week. This includes the key producer price index (PPI) and consumer price index (CPI) reading, scheduled for release on Tuesday and Wednesday, respectively.
The upcoming batch of inflation data will be key for Wall Street amid the ongoing market volatility. The CPI data will be important given that it will allow markets to gauge the health of the nation’s economy and the Federal Reserve’s rate cut path in the coming months.
Major indexes have recovered most of the losses suffered earlier last week but the volatility continues.
Investors will also be closely watching the retail sales report which is scheduled to be out on Thursday. Major retailers like Walmart ((WMT - Free Report) ) and Home Depot ((HD - Free Report) ) are due to report quarterly results later this week.
No major economic data was released on Monday.
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Stock Market News for Aug 13, 2024
U.S. stocks closed mixed on Monday but managed to maintain the momentum from last week’s rebound as investors braced for a spate of economic data, including the key inflation reading, to gauge the Federal Reserve’s monetary policy outlook. The S&P 500 closed almost flat, the Nasdaq ended in green, and the Dow closed in negative territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) declined 0.4% or 140.53 points, to end at 39,357.01 points.
The S&P 500 was barely changed gaining 0.23 points, to close at 5,344.39 points. Technology stocks were the biggest gainers, while communication services stocks were the worst performers.
The Communication Services Select Sector SPDR (XLC) fell 0.7%. The Technology Select Sector SPDR (XLK) gained 0.8%. Eight of the 11 sectors of the benchmark index ended in negative territory.
The tech-heavy Nasdaq climbed 0.2% or 35.31 points to finish at 16,780.61 points.
The fear-gauge CBOE Volatility Index (VIX) was up 1.67% to 20.71. Decliners outnumbered advancers on the NYSE by a 1.46-to-1 ratio. On the Nasdaq, a 1.54-to-1 ratio favored declining issues.
Investors Await Key Inflation Data
Wall Street closed the last week on a high after a dramatic rebound from the selloff earlier in the week. On Monday, investors held on to their nerves and maintained the momentum, with markets remaining little changed.
Investors are bracing up for a slew of economic data slated for release this week. This includes the key producer price index (PPI) and consumer price index (CPI) reading, scheduled for release on Tuesday and Wednesday, respectively.
The upcoming batch of inflation data will be key for Wall Street amid the ongoing market volatility. The CPI data will be important given that it will allow markets to gauge the health of the nation’s economy and the Federal Reserve’s rate cut path in the coming months.
Major indexes have recovered most of the losses suffered earlier last week but the volatility continues.
On Monday, most of the S&P 500 sectors ended in negative territory except for the tech stocks. NVIDIA Corporation’s ((NVDA - Free Report) ) shares jumped 4.1%, while shares of Apple Inc. ((AAPL - Free Report) ) rose 0.7%. NVIDIA has a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Investors will also be closely watching the retail sales report which is scheduled to be out on Thursday. Major retailers like Walmart ((WMT - Free Report) ) and Home Depot ((HD - Free Report) ) are due to report quarterly results later this week.
No major economic data was released on Monday.