Stock market today: Stocks wobble as big week for inflation data, earnings begins
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US stocks wobbled on Monday as investors kicked off a big week that will see a fresh inflation data test for rate-cut views and the start of first-quarter earnings season. The Dow Jones Industrial Average (DJIA), the S&P 500 (^GSPC), and the tech-heavy Nasdaq Composite wavered around the flatline after opening with slight gains. US bonds sold off last week amid uncertainty about the Federal Reserve's resolve for interest-rate cuts. Other concerns include divided views on policy from Fed speakers, growing noise around the coming US presidential election, and a spike in oil prices from escalating Middle East tensions that could fan inflation pressures. Investors are also watching for signs of inflation returning to its downward trend in the release of the Consumer Price Index on Wednesday. The market is also bracing for the new earnings season, with Delta Air Lines setting the stage on Wednesday for big banks' results on Friday. Gold rose above $2,350 an ounce to touch a fresh record, while oil futures pulled back amid signs of easing Middle East tensions. In other news, YouTube TV has seen success by mimicking the one thing consumers seem to be ditching: cable. YouTube TV, the internet pay-TV service, has become the largest pay-TV streamer on the market with over 8 million subscribers. Bitcoin rose to trade back above $71,700 per token, and Amazon stock rose to hover around its all-time closing high. Trump Media & Technology Group, the parent company of Donald Trump's social media platform Truth Social, saw its stock slip 10%. Oil futures pulled back roughly 1% amid signs of easing tensions in the Middle East. JPMorgan CEO Jamie Dimon's annual letter to shareholders highlighted the diminishing role of public companies in the American financial system and the surge in private companies backed by private equity firms. Dimon also discussed the impact of AI on JPMorgan's future success and the outlook for interest rates.
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