A trader works on the floor of the New York Stock Exchange.
NYSE
Stocks seesawed Monday, but managed to maintain the momentum from late last week, as investors braced for key inflation data.
The S&P 500 ended flat, up a mere 0.23 points, at 5,344.39. All day, the broad-based index had alternated between small gains and losses. The Nasdaq Composite advanced 0.21% to close at 16,780.61. Shares of Nvidia gained 4% to help the technology heavy index’s climb. The Dow Jones Industrial Average pulled back 140 points, or 0.36%, at 39,357.01.
The forthcoming batch of inflation data will be essential for markets that remain jittery following increased volatility. Wednesday’s consumer price index report for July will be a pivotal cue as to the health of the U.S. economy, or if investors will remain uneasy following July’s weak nonfarm payrolls report which contributed to the recent sell-off.
“We are optimistic that a short-term bottom was put in place, or came close to being put in place, on August 5th” said RBC Capital Markets head of global equity strategy Lori Calvasina, noting important technical levels were held after the S&P 500’s sell-off last week.
The major averages are coming off slight weekly losses, but they recovered the lion’s share of the pullback seen early last week.
Wall Street is also watching for the July producer price index report on Tuesday. July retail sales are also due out Thursday.
