Stocks listed on the New York Stocks Exchange remained relatively unchanged on Monday after investors braced themselves for the release of the Consumer Price Index report later in the week. This key inflation data is expected to have an impact on the Federal Reserve’s interest rate decision on Wednesday; the last of the year.
Futures listed on the Dow Jones Industrial Average and S&P 500 remained stationary, while those on the Nasdaq 100 slipped 0.1% lower. Beyond the Fed’s upcoming interest rate decision, Tuesday’s CPI data is expected to give a hint at the direction that stocks could take going into 2024.
Jobs data released by the Bureau of Labor Statistics on Friday indicated that the Federal Reserve could loosen its monetary policy given that the labor market has been loosening and inflation data continues to cool. Still, the Fed is expected to institute a pause, with rate cuts only coming into play early next year.