US Stock Market Today: Wall Street Opens Mixed Ahead Of Key Inflation Data This Week

S&P 500 and Dow Jones were trading mixed on Monday as investors set sight on inflation data that will be released later this week, which will shed more clarity on the expected interest rate cut in September.

The S&P 500 rose over 0.19% and the tech-heavy Nasdaq Composite rose 0.53%, whereas Dow Jones Industrial Average fell 0.15% after a negative start.

This comes after S&P 500, the broader index, pulled back after hitting record highs last week.

“Tuesday should see a significant downward initial revision estimate to overall payrolls, thus implying even further slack in the labor market. That’s a tailor-made backdrop for the Fed to resume easing,” Cameron Crise, macro strategist, told Bloomberg.

In the early minutes of trading, three of the 11 sectoral indices were trading in green. Information technology was leading the gains, while healthcare and real estate sectors were in red.

Nvidia Corp. and Oracle Corp., shares were up nearly 2%, in addition Amazon.com Inc., UnitedHealth Group Inc., Microsoft Corp. and Nike Inc. were among the other gainers for the day. On the other hand, Coca-Cola Co., McDonald's Corp. and Walt Disney Co. were amongst the losers.

As the US market opened, spot gold rose 0.8% to $3,616.48 an ounce. Crude oil prices rose, with West Texas trading 2.1% higher at $63.20 per barrel.

The Bloomberg Dollar Index fell 0.1%, with the British Pound rising 0.2% to $1.3534, while the Japanese yen was down 0.2% at 147.78 per dollar.

Bitcoin, the largest traded cryptocurrency, rose 0.6% to $111,959.95.