NEW YORK: Wall Street indexes were flat on Tuesday as investors took to the sidelines ahead of key inflation data this week, while Clover Health led a rally among popular social media stocks.
Shares of the health insurer surged more than 50% as it became the new center of attention on social media platforms for individual traders, who have taken to hyping up stocks with large short positions in what they have dubbed "the mother of all short squeezes".
Broader sentiment was muted as investors awaited further cues on policy tapering from the Federal Reserve after what is expected to be a strong inflation reading on Thursday.
At 11:55 a.m. ET, the Dow Jones Industrial Average was down 18.14 points, or 0.05%, at 34,612.10 and the S&P 500 was down 3.17 points, or 0.08%, at 4,223.35. The Nasdaq Composite was down 8.98 points, or 0.06%, at 13,872.75.
The S&P energy sector rose 0.7%, and was trading at its highest level in nearly four months, as recent gains in oil prices boosted the space.
Shares of Apple rose 0.7% after sources told Reuters the iPhone maker was in early-stage talks with China's CATL and BYD about the supply of batteries for its planned electric vehicle.
Amazon rose 1.6% and was the top boost to the Nasdaq as it began outlining prescription plans through its online pharmacy.