Nasdaq Composite Index Posts Third Straight Daily Gain
US markets await key inflation data on Wednesday
US markets await Walmart results next Thursday
US markets expect a total rate cut of 100 basis points by the end of 2024
US indices closed mixed on Monday as investors awaited a series of US economic data this week, particularly consumer prices, to gauge the Federal Reserve's monetary policy outlook.
Consumer price index data is expected to show headline inflation accelerating by 0.2% month-on-month in July, but unchanged at 3% year-on-year.
Financial markets are equally betting on a 25- or 50-basis-point cut in September, and expect a total easing of 100 basis points by the end of 2024, according to the FedWatch tool.
Performance of major US indices:
The Dow Jones Industrial Average fell 0.36%, or 140 points, on Monday after two sessions of gains.
The S&P 500 index was unchanged at 5,344 points, while the Nasdaq Composite index rose 0.2%, recording its third consecutive daily gain.
Walmart and Home Depot are scheduled to report earnings later this week.
Nvidia stocks
Nvidia shares rose 4% on Monday to their highest level in a week, adding $105 billion to the company's market value in a single day.
The gains came after positive expectations about the production of the next-generation graphics processor for artificial intelligence, called Blackwell.
A Bank of America analyst said Nvidia stock is one of his top picks in the semiconductor sector, with a buy recommendation for the chipmaker.
Starbucks shares
Starbucks shares rose 2.6% on Monday, their best session since early August, after news reports that an activist investor had acquired a new stake in the company.
The Wall Street Journal revealed that Starboard Value has acquired a stake in the coffee chain, and is demanding that the company take steps to improve its stock price.
