Major US stock indexes closed little changed on Monday following strong jobs data last week boosted expectations that the Federal Reserve will continue its crackdown on inflation, while a profit warning from chip maker Nvidia reminded investors of fears of a slowing US economy. High reached earlier in the session as the market initially viewed the strong jobs report as a sign that the economy might withstand significant rate hikes from the US Federal Reserve to tame inflation that reached its highest level in four decades.
Investors are now awaiting Wednesday’s consumer price data to gauge whether the Federal Reserve will somewhat ease its fight once morest inflation and create a better environment for economic growth.
According to preliminary data, the benchmark Standard & Poor’s 500 index ended the trading session on Wall Street, down 5.19 points, or 0.13 percent, to 4,140.00 points, while the Nasdaq Composite Index fell 12.12 points, or 0.10 percent, to close at 12,645.43 points.
The Dow Jones Industrial Average closed up 30.76 points, or 0.09 percent, to 3,2834.23 points.
The Standard & Poor’s 500 is up 14 percent from its lows in mid-June. But signs of a rapid pace of inflation may bolster the Fed’s arguments for a strong monetary tightening.
The information technology sector fell due to a loss in chip maker Nvidia, while the company warned that it expects second-quarter revenue to decline 19 percent from the first quarter to $6.7 billion due to a weakness in its gaming business.
The company is due to announce its second-quarter results on August 24.