As investors anticipate a crucial inflation report on Tuesday that might influence the Federal Reserve's policy plans, US stocks traded marginally higher on Monday.
According to Bloomberg, economists anticipate that the headline reading of the consumer price index for January will drop from 6.5% the month before to 6.2% annually. However, even new indications of deflation won't imply the battle to control prices is won.
In a speech last week at the Economic Club of Washington, DC, Fed Chairman Jerome Powell said, "There has been an expectation that [inflation] will go away swiftly and painlessly, I don't think it's assured that's the base case." It will require time.
The S&P 500, however, had its worst week of the year to date, ending Friday down 1.1% for the entire five-day period.
An important earnings week is coming up for Airbnb, Coca-Cola, Kraft Heinz, and AIG.
When the market began on Monday at 9:30 a.m., these were the US indices' positions:
Dow Jones Industrial Average: 33,922.46, up 0.16% S&P 500: 4,096.95 (53.19 points)
11,749.24 is the Nasdaq Composite, up 0.27%.
Another development is as follows:
As the SEC's onslaught continues, the cryptocurrency company Paxos was told to stop producing a Binance dollar-pegged token.
A top investor cautioned against expecting the excellent start to 2023 for IT stocks to continue for too long.
In response to Western sanctions, Russia is cutting its oil production by 5%, but ING strategists said the country is probably having trouble finding customers in the first place.
Tools like ChatGPT, according to Mark Cuban, exacerbate internet falsehoods.
Tesla must allow competitors access to its EV charging network if it wants to continue receiving Biden's subsidies.
Elon Musk's Super Bowl joke that he was speaking to Rupert Murdoch about the meme token caused Dogecoin to soar.
Bonds, commodities, and cryptocurrencies:
West Texas Intermediate crude oil prices decreased, falling 0.61% to $79.23 per barrel. The global standard for crude oil, Brent, fell 0.66% to $85.81 a barrel.
The price of gold decreased 0.36% to $1,867.70 per ounce.
The yield on the 10-year note decreased by 1 basis point to 3.726%.
1.74% less Bitcoin was traded at $21,598.25.
The parent business of Insider Inc., Axel Springer, has invested in Airbnb.