US stocks little changed ahead of Nvidia results
Wall Street stocks saw little change Monday, influenced by inflation concerns from the Strait of Hormuz shutdown and anticipation of major earnings and Federal Reserve minutes.
- Impact of the Strait of Hormuz shutdown on inflation.
- Upcoming earnings from Nvidia and other major retailers.
- Anticipation for the Federal Reserve meeting minutes.
NEW YORK: Wall Street stocks were little changed early Monday ahead of earnings from Nvidia, Walmart and other retailers in cautious trading after a market pullback at the end of last week.
Major US indices fell more than one percent Friday amid heightened inflation worries due largely to the continued shutdown of the Strait of Hormuz. Iran said Monday it had responded to a new US proposal aimed at ending the Middle East war.
About 15 minutes into trading, the Dow Jones Industrial Average was down 0.1 percent at 49,492.60.
The broad-based S&P 500 slipped 0.1 percent to 7,404.63, while the tech-rich Nasdaq Composite Index added 0.1 percent at 26,238.15.
“The sentiment is nervousness regarding sort of a domino effect of higher oil prices pushing up inflation readings, which are then elevating interest rates,” said Sam Stovall of CFRA Research.
“We don’t see the oil situation being resolved imminently,” he added.
Besides earnings, this week’s calendar includes release of minutes from the most recent Federal Reserve meeting.
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