Investing.com — US stocks drifted in tight ranges Monday as investors consolidated recent gains ahead of the release of key inflation data this week for more cues on interest rates.
At 09:35 ET (14:35 GMT), the was up 75 points, or 0.2%, while the index dropped 7 points, or 0.1%, and the fell 40 points, or 0.2%.
The S&P 500 and the NASDAQ Composite closed at fresh records Friday, rising around 1% and over 3% for the week, respectively. The Dow Jones Industrial Average lagged behind, closing the week down 0.6%.
CPI data awaited for more rate cues
Investors are starting the new week on a cautious note, with the focus squarely on the November , due on Wednesday, for more cues on inflation, the US economy and potential interest rate cuts.
The headline reading is expected to show a 2.7% year-on-year increase, a monthly increase of 0.2%, while core CPI inflation, which excludes volatile food and energy prices, is also expected to have remained significantly above the Federal Reserve’s 2% target.
While the central bank is widely expected to cut interest rates by 25 basis points next week, it is also expected to slow its pace of rate cuts in 2025, given the still elevated inflation and a strong labor market.
Data on Friday showed stronger-than-expected growth in in November, but the shrank, while growth in underwhelmed.
Syria in turmoil
Investors were waiting to see what a major regime change in Syria will entail for geopolitics in the Middle East, after rebel forces ousted President Bashar al-Assad and took control of Damascus, ending 13 years of civil war.
Media reports said al-Assad had landed in Moscow, while Israeli forces had entered Syria.
Oracle set to report
On the corporate side, the quarterly earnings season is gradually drawing to a close, but investors will still be able to study Oracle’s (NYSE:) results after the close Monday.
Elsewhere, Macy’s (NYSE: stock rose 4% following a report that activist investor Barington Capital is urging the retailer to create a real-estate unit and consider options for its Bloomingdale’s and Bluemercury chains after building an undisclosed stake.
Nvidia (NASDAQ:) stock fell 2.8% after China launched an investigation into the chipmaker over suspected violations of the country’s anti-monopoly law, in a move that will likely be seen as a retaliatory move against Washington’s recent chip curbs.
Crude gains on Syria news
Crude prices rose Monday, as the overthrow of the Bashar al-Assad regime in Syria introduced greater uncertainty to the oil-rich Middle East, although concerns over weakening demand persisted.
By 09:35 ET, the US crude futures (WTI) climbed 1.6% to $68.25 a barrel, while the Brent contract rose 1.3% to $72.05 a barrel.
(Ambar Warrick contributed to this article.)
