US stocks wobbled on Monday as investors braced for a week filled with key economic data and the start of first-quarter earnings season. The Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite all hovered around the flatline after opening with slight gains.
Last week, a strong jobs report provided a boost to stocks, but concerns about the Federal Reserve’s stance on interest rate cuts lingered. US bonds sold off amid this uncertainty, with the 10-year Treasury yield rising above 4.45%. The upcoming release of the Consumer Price Index on Wednesday will be closely watched for signs of inflation trends and the Fed’s decision-making process.
In addition to economic data, investors are gearing up for the start of first-quarter earnings season. Delta Air Lines will kick off the earnings reports on Wednesday, followed by big banks like JPMorgan, Wells Fargo, and Citigroup later in the week. Expectations are high for a strong year of earnings growth among S&P 500 companies, buoyed by the robust March labor figures.
Meanwhile, gold prices reached a fresh record above $2,350 an ounce, while oil prices were on the rise due to escalating tensions in the Middle East. Despite some signs of easing tensions, oil futures pulled back slightly on Monday.
In the world of cryptocurrency, Bitcoin rose above $71,700 per token, while shares of Coinbase also saw gains. On the flip side, Boeing faced scrutiny after an engine cover incident on a Southwest Airlines flight.
In the media sector, Trump Media & Technology Group, the parent company of Truth Social, saw its stock drop roughly 10% despite CEO Devin Nunes defending the company’s profitability. The company went public last month after merging with a special purpose acquisition company.
Overall, the market remains cautious as investors await key economic data and earnings reports to gauge the health of the US economy and corporate sector.
