US Stock Market Today: S&P 500, Nasdaq Flat Amid Inflation Data Assessment
The US stock market opened flat on Tuesday, with the S&P 500 and Nasdaq Composite indices marginally up, as investors assessed the latest inflation data and its potential impact on the Federal Reserve’s interest rate decision. The Dow Jones Industrial Average, however, edged lower.
Minutes after the opening bell, the S&P 500 was up marginally by 0.08% or 5.93 points at 6,984.03, whereas the tech-heavy Nasdaq Composite was up 0.11% or 25.1 points at 23,759.09. The Dow Jones Industrial Average, however, edged 0.36% or 180.78 points lower at 49,493.73.
Inflation Data Released
Before the markets opened, the official data on retail inflation for December was released. The consumer price index rose 0.2% from November, which was lower than analysts’ estimate. A subdued inflation is generally seen as a factor supporting the case for interest rate reduction.
On an annual basis, inflation stays at 2.6%, which is above the Fed’s target of 2%. The muted start to the Wall Street on Tuesday comes in the backdrop of the indices hitting fresh record highs, as investors stayed unfazed amid concerns over the Department of Justice’s criminal investigation against Fed Chair Jerome Powell.
Banking Stocks Under Pressure
Banking stocks were the major laggards in early trade, as JPMorgan Chase fell over 3% after Chief Financial Officer Jeremy Barnum indicated that the industry may challenge the Trump administration’s decision to cap credit card interest rates at 10%.
JPMorgan was trading 3.18% lower at $314.13 per share at 10:27 a.m. EST, whereas sectoral peer Goldman Sachs slipped 1.23% to $937.6 apiece. For more information on banking stocks, please visit our website.
Other Major Stocks
Delta Airlines was down 1.66% at $69.84, as the company’s quarterly earnings failed to impress the street. Among the ‘Magnificent 7’ stocks, AI hot bet Nvidia was down 0.57% at $183.88 at 10:29 am EST.
Google-parent Alphabet, which has tied up with Apple for Gemini AI use, saw its stock rising 1.13% to $335.62, whereas the latter was flat at $260.12. The other Mag7 stocks, including Meta Platforms, Tesla, Microsoft, and Amazon, were in the red in early trade. For more information on US stock market, please visit our website.
Commodities Market Update
In the commodities market, the precious metals sustained their momentum. Gold was trading 0.2% higher at $4,606.40 an ounce, whereas silver peaked to a high of $88 an ounce, jumping 3.5% from the previous day’s close.
Oil prices also edged up, with Brent futures trading 2.8% higher at $65.65 per barrel, whereas the West Texas Intermediate futures rose 3.25% to $61.25. For more information on commodities market, please visit our website.
Cryptocurrency Update
Bitcoin, the world’s largest-traded cryptocurrency, was up 1.84% at $92,874.32. For more information on cryptocurrency market, please visit our website.
As the US stock market continues to navigate through the current economic landscape, it is essential for investors to stay informed about the latest developments and trends. By keeping an eye on the stock market news and economic indicators, investors can make informed decisions and stay ahead of the curve.
Conclusion
In conclusion, the US stock market opened flat on Tuesday, with the S&P 500 and Nasdaq Composite indices marginally up, as investors assessed the latest inflation data and its potential impact on the Federal Reserve’s interest rate decision. The Dow Jones Industrial Average, however, edged lower. As the market continues to evolve, it is crucial for investors to stay up-to-date with the latest news and trends to make informed investment decisions.