- US stocks edged higher on Monday, with the S&P 500 nearly testing its all-time high.
- Investors have a big week ahead for economic data, including April CPI and retail sales results.
- The Dow Jones Industrial Average is trying for its 9th consecutive day of gains.
US stocks edged higher on Monday ahead of a busy week of economic data that could shake stock prices.
The S&P 500 was within striking distance of its all-time high Monday morning, while the Dow Jones Industrial Average is trying for its ninth consecutive day of gains.
The most anticipated report for investors this week is Wednesday's release of the April consumer price index report. The inflation data will help investors determine when the Federal Reserve might cut interest rates this year. Investors are expecting Core CPI to rise 0.3% in April, compared to the 0.4% gain in March.
Ahead of consumer inflation data, the producer price index will be released on Tuesday, with median estimates suggesting a 0.2% rise in April.
Other economic data on investors' radar this week includes retail sales data, set to be released Wednesday morning, the home builder confidence index, housing starts and building permits, and the Philadelphia Fed manufacturing survey.
Finally, investors will hear comments from several Federal Reserve officials, including Fed Chairman Jerome Powell on Tuesday and Minneapolis Fed President Neel Kashkari on Wednesday.
Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Monday:
- S&P 500: 5,233.43, up 0.21%
- Dow Jones Industrial Average: 39,598.34, up 0.22% (+85.50 points)
- Nasdaq composite: 16,383.41, up 0.28%
Here's what else is going on today:
- From a 65% stock market crash to an imminent recession, here's a roundup of all the bearish forecasts on Wall Street.
- It's not just Wall Street pros that expect a stock market crash. Meet the retail doomsayers waiting for the economy to crash.
- The return of Roaring Kitty on social media has led to GameStop stock soaring more than 50% in Monday morning trades.
In commodities, bonds, and crypto:
- West Texas Intermediate crude oil jumped 0.74% to $78.84 a barrel. Brent crude, the international benchmark, rose 0.59% to $83.28 a barrel.
- Gold edged lower by 0.87% to $2,354.30 per ounce.
- The 10-year Treasury yield fell 3 basis points to 4.46%.
- Bitcoin jumped 2.26% to $62,850.