Stocks on the New York Stock Exchange broadly slipped lower on Monday morning as Bitcoin continued its record rally. This comes as investors await a crucial Consumer Price Index (CPI) report later in the week.
The benchmark S&P 500 slipped 0.1% lower, as did the tech-heavy Nasdaq Composite. Stocks on the Dow Jones Industrial Average edged 0.1% higher. In cryptocurrency news, Bitcoin continued to reach record highs on Monday, exceeding $72,000 for the first time. The cryptocurrency managed to reach $72,500 during early trading bringing its gains for the year to 65%.
With the CPI report due on Tuesday, it is expected to give the Federal Reserve a better idea of whether it is in a position to introduce interest rate cuts and the timeline for such action. February’s jobs report, released last week, provided little indication of monetary policy trajectory after the labor market remained stronger than expected.