On Monday, US stocks struggled as investors braced for a week filled with significant events. The market saw slight gains at the opening bell, with the Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite hovering around the flatline.
Last week, a strong jobs report provided some support for stocks, but concerns about the Federal Reserve’s stance on interest rate cuts lingered, leading to weekly losses. This uncertainty also caused US bonds to sell off, with the 10-year Treasury yield ticking above 4.45%.
Other factors contributing to the market’s unease included conflicting views on Fed policy, the upcoming US presidential election, and rising oil prices due to escalating tensions in the Middle East.
Investors are eagerly awaiting the release of the Consumer Price Index on Wednesday, which will offer insight into inflation trends and the overall health of the US economy. Additionally, the start of the first-quarter earnings season will be marked by Delta Air Lines reporting on Wednesday and big banks announcing results on Friday.
In the midst of this uncertain environment, gold prices reached a new record above $2,350 an ounce, while oil futures pulled back slightly as tensions in the Middle East showed signs of easing.
Meanwhile, Bitcoin surged above $71,700 per token, Coinbase shares rose on the back of Bitcoin’s rally, and Boeing faced renewed scrutiny following an incident involving a Boeing 737-800 engine cover.
On a different note, Trump Media & Technology Group, the parent company of Truth Social, saw its stock plummet 10% despite CEO Devin Nunes defending the platform’s profitability. The company’s recent public debut has been marred by losses and regulatory challenges.
As the week unfolds, investors will be closely monitoring key economic data releases, earnings reports, and geopolitical developments that could impact market sentiment and trading activity.