NEW YORK: Wall Street stocks began a holiday-shortened week in mixed fashion Tuesday ahead of key readings on consumer confidence and inflation.
With markets closed Monday for the Memorial Day holiday, trading was muted, lifting the Nasdaq modestly but bidding the Dow lower.
About 20 minutes into trading, the Dow Jones Industrial Average was down 0.3 percent at 38,973.70.
The broad-based S&P 500 was flat at 5,304.56, while the tech-rich Nasdaq Composite Index gained 0.2 percent to 16,948.12.
Wall Street Week Ahead: Inflation data, presidential debate could sink summer rally
Shares of Nvidia jumped 4.5 percent following reports that Elon Musk’s xAI plans to purchase chips from Nvidia.
The reports come on the heels of a blowout earnings report last week on bullish enthusiasm about artificial intelligence.
T-Mobile US tacked on 1.1 percent after announcing it will acquire UScellular’s wireless operation for about $4.4 billion. UScellular jumped 4.7 percent.
This week’s calendar includes May consumer confidence data and the April reading for PCE prices, which is closely monitored by the Federal Reserve for inflation trends.
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