REUTERS/Brendan McDermid
- US stocks traded up Monday as traders look ahead to Tuesday's consumer price index data.
- The S&P 500 shed 1.1% last week, marking its worst five-day stretch of the year so far.
- This week's earnings include Airbnb, Coca-Cola, Kraft Heinz, AIG, and more.
US stocks traded slightly higher Monday as traders look ahead to a key inflation reading coming on Tuesday that could sway the Federal Reserve's policy plans.
Economists expect January's headline consumer price index reading to cool further to an annual rate of 6.2% from 6.5% the prior month, according to Bloomberg. But even fresh signs of disinflation won't mean the fight to rein in prices is over.
"There has been an expectation that [inflation] will go away quickly and painlessly, I don't think it's guaranteed that's the base case," Fed Chairman Jerome Powell said in a speech last week at the Economic Club of Washington DC. "It will take some time."
Meanwhile, the S&P 500 is coming off its worst week of the year so far, closing Friday down 1.1% over the five-day stretch.
Key earnings ahead in the week include Airbnb, Coca-Cola, Kraft Heinz, and AIG.
Here's where US indexes stood as the market opened 9:30 a.m. on Monday:
- S&P 500: 4,096.95, up 0.16%
- Dow Jones Industrial Average: 33,922.46, up 0.16% (53.19 points)
- Nasdaq Composite: 11,749.24, up 0.27%
Here's what else is going on:
- Crypto firm Paxos was ordered to stop minting a Binance dollar-pegged token as the SEC's crackdown continues.
- An investing chief warned not to count on tech stocks' strong start to 2023 to last much longer.
- Russia is slashing its oil output by 5% in retaliation to Western sanctions, but ING strategists said the nation is likely struggling to find buyers in the first place.
- Mark Cuban said tools like ChatGPT act to worsen online misinformation.
- Tesla has to open up its EV-charging network to its rivals or be locked out of Biden's subsidies.
- Dogecoin surged after Elon Musk joked at the Super Bowl that he was talking to Rupert Murdoch about the meme token.
In commodities, bonds, and crypto:
- Oil prices slipped, with West Texas Intermediate down 0.61% to $79.23 a barrel. Brent crude, the international benchmark, inched lower 0.66% to $85.81 a barrel.
- Gold edged lower 0.36% to $1,867.70 per ounce.
- The 10-year yield ticked lower 1 basis points to 3.726%.
- Bitcoin moved down 1.74% to $21,598.25.