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US stocks wavered on Monday after the S&P 500 index notched a historic close, as investors prepared for the first key inflation update of the year and the next wave of earnings reports.
The S&P 500 (^GSPC) hugged the flat line after a record-setting week that saw the benchmark end above 5,000 for the first time. The Dow Jones Industrial Average (^DJI) gained around 0.3%, while the tech-heavy Nasdaq (^IXIC) rose about 0.2%.
Shares of chipmaker Nvidia (NVDA) rose 2% to hit another record on Monday before paring gains. British semiconductor designer Arm (ARM) also surged to a new record, extending its rally from last week.
Stocks have gained as the market embraces a clutch of better-than-expected corporate results, with big tech names driving the lion's share. Eyes are on the next batch of quarterly reports, with John Deere (DE), Coca-Cola (KO), Airbnb (ABNB), and Kraft Heinz (KHC) serving as highlights on the docket in the coming days.
But the week will bring a new challenge to the rally, with the January reading of the Consumer Price Index due Tuesday. The CPI report will give investors their first insight into how cool inflation is running in 2024 and, alongside an update on consumer spending, will set expectations for the timing and pace of Federal Reserve interest rate cuts this year.
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