US Market little changes ahead of inflation data

US stocks were mostly lower on Monday, 13 May 2024, with the Dow and the S&P500 indexes settling slightly in negative territory after bouncing back and forth across the unchanged line, as investors took a breather on caution ahead to key inflation data and earnings reports due this week.

Investor sentiment on risk assets remains cautious as investors look ahead to key inflation data this week, with the producer price index and consumer price index due on Tuesday and Wednesday, respectively, that will likely play a role in shaping the Federal Reserve's monetary policy outlook.

At closing bell, the Dow Jones Industrial Average index declined 81.33 points, or 0.21%, to 39,431.51. The S&P500 index declined 1.26 points, or 0.02%, to 5,221.42. The tech-heavy Nasdaq Composite index increased by 47.37 points, or 0.29%, to 16,388.24.

Total 09 of 11 S&P500 sectors closed lower along with S&P500 index. Information technology sector was top performer, rising 0.48%, while industrial sector was bottom performer, falling 0.45%.

Technology stocks performed strongly, with Apple shares closing up 1.8% after a report that it had closed in on an agreement with ChatGPT-maker OpenAI to use the startup's technology on the iPhone. Arm Holdings gained 7% after announcing plans to develop artificial-intelligence chips

ECONOMIC NEWS: A Federal Reserve Bank of New York survey, released on Monday, found that Americans see inflation at 3.3% a year from now from Marchs 3% while they expect inflation three years from now at 2.8%. This followed a University of Michigan report on Friday that showed U.S. consumer sentiment sagged to a six-month low in May as households worried about the cost of living.

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