Wall Street cautious ahead of key inflation data, Fed meeting

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ALSO READ: Wall Street week ahead: All eyes on US Fed policy decisions, inflation dataIn focus this week are the Consumer Price Index inflation report for May and the conclusion of the Fed's two-day policy meeting, both on Wednesday. The central bank, which will release updated economic and policy projections, is overwhelmingly expected to hold interest rates steady.Markets dialed back expectations for rate cuts in September after Friday's bumper jobs data for May, with the odds of a reduction at 50%.Expectations had risen as high as 69% last week.

However, unemployment had ticked higher and household surveys showed signs of economic distress."We're probably going to see a little bit of volatility," said Jason Pride, chief of investment strategy and research at Glenmede."The employment report already created a 'choose your own adventure', and we suspect there may still be a little bit of confusion from the CPI report this week," Pride said.Chipmaker Nvidia rose 1.1% in choppy trading after a 10-for-one stock split that went into effect after markets closed on Friday, giving rise to chatter about the chances of its inclusion in the blue-chip Dow.Financials was the worst performing sector, led by a 6.1% loss in regional lender Huntington Bancshares after the company forecast a greater decline in annual interest income than expected.At 11:54 a.m. ET, the Dow Jones Industrial Average was down 19.65 points, or 0.05%, at 38,779.34, the S&P 500 was up 7.94 points, or 0.15%, at 5,354.93, and the Nasdaq Composite was up 57.16 points, or 0.33%, at 17,190.29.Apple slipped 0.8% ahead of the iPhone maker's annual developer conference for updates on how it is integrating artificial intelligence into its offerings.Southwest Airlines