US Stock Market Today: S&P 500, Nasdaq Flat As Wall Street Assesses Inflation Data
The Dow Jones Industrial Average, however, edged 0.36% or 180.78 points lower at 49,493.73.
Two of the three main Wall Street indices opened flat on Tuesday, as the markets assessed the impact of latest inflation data on Federal Reserve's rate decision later this month.
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.
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 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 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.
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.
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.
Bitcoin, the world's largest-traded cryptocurrency, was up 1.84% at $92,874.32.
