Wall Street today: US stocks rise as investors eye inflation data
Wall Street: US stocks rose on Monday, following last week’s gains, with investors awaiting inflation data this week. The inflation data – Consumer Price Index (CPI) – is due on Wednesday. On the same day, the US retail sales data will also be released.
Both, inflation and retail sales data have the potential to influence the Federal Reserve’s monetary policy. ALSO READ: Wall Street week ahead: Investors’ focus on inflation & retail sales data, Walmart earnings At 09:40 a.m. ET, the Dow Jones Industrial Average rose 68.08 points, or 0.17 per cent, to 39,580.92, the S&P 500 gained 3.32 points, or 0.06 per cent, to 5,226.28 and the Nasdaq Composite gained 13.76 points, or 0.08 per cent, to 16,354.63.
At the opening bell, the Dow Jones Industrial Average rose 78.4 points, or 0.20 per cent, to 39,591.28. The S&P 500 rose 10.4 points, or 0.20 per cent, to 5,233.08, while the Nasdaq Composite rose 59.4 points, or 0.36 per cent, to 16,400.307. The yield on the 10-year Treasury slipped to 4.46 per cent from 4.50 per cent late on Friday.
Shares of Alphabet dropped 2.2 per cent as Microsoft-backed OpenAI is set to announce its artificial intelligence (AI)-powered search product later in the day. Apple stock gained 1 per cent after a report on Friday said the tech giant had closed in on an agreement with ChatGPT-maker OpenAI to use the startup's technology on the iPhone. SoftBank Group-backed Arm Holdings climbed 5 per cent after Nikkei Asia reported that the chip designer is planning to develop AI chips and could launch the first products in 2025.
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